SB 473 Summary

• Amends Oklahoma income tax law (68 O.S. 2011, Section 2358) to allow a deduction for full-time students earning income during the taxable year.

• Provides a 100% deduction of earned income for taxpayers who were enrolled at least 8 months as full-time students in accredited higher education institutions or vocational/technical programs.

• Income qualification limits apply: $35,000 or less for single/head of household/married filing separately filers, or $70,000 or less for married filing jointly filers.

• Effective date: November 1, 2015.