SB 471 Summary

• Amends Oklahoma income tax law (68 O.S. 2011, Section 2358) to add a new exemption for overtime compensation effective for tax years beginning after December 31, 2015.

• Exempts from taxable income any amounts received as overtime compensation that are required by the Fair Labor Standards Act of 1938 (29 U.S.C., Section 201 et seq.).

• The exemption applies to individuals earning overtime pay that meets federal Fair Labor Standards Act requirements, reducing their Oklahoma taxable income.

• Becomes effective November 1, 2015, and applies to all subsequent taxable years meeting the eligibility criteria.