Oklahoma HB 2348 Summary

• Modifies Oklahoma income tax standard deduction amounts for individual taxpayers, replacing the formula-based approach with fixed dollar amounts starting January 1, 2017.

• Establishes new filing requirements for tax years beginning on or after January 1, 2017, requiring resident individuals whose gross income exceeds the sum of the standard deduction and personal exemption to file Oklahoma income tax returns.

• Requires nonresident individuals with Oklahoma gross income of $1,000 or more to file Oklahoma income tax returns.

• Increases filing deadlines for certain business entities, aligning them with federal return due dates plus 30 days for tax years beginning on or after January 1, 2016.

• Effective January 1, 2017.