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OK HB1829
Bill
Status
2/2/2015
Primary Sponsor
Scott Martin
Click for details
AI Summary
HB 1829 Summary
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Amends Oklahoma Statutes Section 68 O.S. 2011, Section 2358 to modify calculation of Oklahoma taxable income and adjusted gross income for individuals and corporations.
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Adds a new exemption allowing 100% of retirement income received from the Federal Employees Retirement System (FERS) to be excluded from taxable income for tax years beginning after December 31, 2015.
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Applies retroactively to existing provisions governing income adjustments, deductions, allocations, and apportionments for various business entities and individual taxpayers.
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Effective date: January 1, 2016.
Legislative Description
Revenue and taxation; Oklahoma taxable income and adjusted gross income; exemption; Federal Employees Retirement System (FERS); effective date.
Revenue and Taxation
Last Action
Referred to Appropriations and Budget Revenue and Taxation Subcommittee
2/3/2015