OK SB1606

Amends Oklahoma income tax law (68 O.S. 2011, Section 2358) to require taxpayers to add back to Oklahoma taxable income certain deductions claimed on federal returns under specified conditions

Requires taxable income to be increased by any amount of state and local sales or income taxes deducted under federal Internal Revenue Code Section 164, effective for tax years beginning January 1, 2016, with adjustments for federal limitations

Maintains existing provisions for various tax adjustments including net operating loss deductions, income allocation rules, property/payroll/sales apportionment factors, and depreciation methods for different asset classes

Preserves numerous individual taxpayer deductions and exemptions including retirement benefits, Social Security benefits, armed forces compensation, adoption expenses, organ donation expenses, and college savings plan contributions

Becomes effective November 1, 2016