Loading chat...
OK HB2347
Bill
Status
4/11/2017
Primary Sponsor
Leslie Osborn
Click for details
AI Summary
HB2347 Summary
-
Amends Oklahoma income tax law (68 O.S. 2011, Section 2358) relating to computation of Oklahoma adjusted gross income and Oklahoma taxable income.
-
Imposes a limit on itemized deductions for individual taxpayers for tax years beginning January 1, 2017 through December 31, 2019, capping net itemized deductions at $17,000.
-
Makes technical amendments to various income adjustment provisions, depreciation rules, capital gains deductions, and retirement benefit exemptions under Oklahoma tax law.
-
Becomes effective November 1, 2017.
Legislative Description
Revenue and taxation; computation of adjusted gross income and taxable income; limit on amount of itemized deductions; effective date.
Last Action
JCR; Do pass, amended by committee substitute Joint Committee on Appropriations and Budget
5/8/2017