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OK HB2680

Bill

Official Source

Status

Introduced

2/1/2016

Primary Sponsor

Rob Johnson

Click for details

Origin

House of Representatives

2016 Regular Session

AI Summary

  • Exempts from Oklahoma taxable income dividend payments received from ownership in stock of corporations organized under the Oklahoma General Corporation Act, effective January 1, 2017
  • Qualifying corporations must be subject to taxation under Section 2355 of Title 68 and must not have elected S corporation treatment under the Internal Revenue Code
  • Amends 68 O.S. 2011, Section 2358, which governs adjustments to arrive at Oklahoma taxable income for both corporations and individuals
  • Adds this dividend exemption as paragraph 24 under subsection E of Section 2358, which addresses individual taxpayer income adjustments

Legislative Description

Revenue and taxation; income tax exemptions; dividends by an Oklahoma corporation; effective date.

Last Action

Second Reading referred to Appropriations and Budget

2/2/2016

Committee Referrals

Appropriations and Budget2/2/2016

Full Bill Text

No bill text available