SB 333 Summary

• Modifies Oklahoma income tax law by adjusting personal exemptions for individual taxpayers, effective November 1, 2015.

• For tax years ending on or before December 31, 2015, allows personal exemptions of $1,000 per person; beginning January 1, 2016, exemption amounts adjust annually for inflation using the Consumer Price Index (CPI-U).

• Provides additional $1,000 exemptions for taxpayers who are blind or age 65 and older, with income thresholds based on filing status.

• Adds definitions and criteria for capital gains deductions, net operating loss treatment, and various retirement and income exclusions for individuals and corporations.

• Includes technical adjustments to real estate investment trust (REIT) taxation and qualifications for various business-related tax deductions and exclusions.