HB 1747 Summary

• Amends Oklahoma income tax law (68 O.S. 2011, Section 2358) regarding computation of taxable and adjusted gross income.

• Creates a five-year income tax exemption for new residents who relocate to Oklahoma counties projected to experience population decline through 2075, as identified in the Oklahoma Department of Commerce's "2012 Demographic State of the State Report."

• Requires individuals claiming the exemption to have timely filed a homestead exemption during the same tax year to be considered county residents.

• The exemption applies to 100% of income received by qualifying individuals and expires automatically on December 31 of the fifth year during which income is received.

• Becomes effective January 1, 2016.