ENGR. HB 2403 Summary

• Amends Oklahoma income tax law (68 O.S. 2011, Section 2358) to impose a limit on itemized deductions for tax years beginning January 1, 2017 through December 31, 2019, capping them at $17,000.00.

• Excludes charitable contributions from the $17,000.00 itemized deduction limit, allowing them to be deducted in full for those tax years.

• Maintains comprehensive provisions for calculating Oklahoma taxable income and adjusted gross income for individuals, corporations, and other entities, including deductions, exemptions, and allocation rules.

• Includes special provisions for capital gains deductions, retirement benefits, military compensation, agricultural operations, and various other income adjustments and credits.

• Becomes effective November 1, 2017.