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OK HB1599
Bill
Status
2/3/2025
Primary Sponsor
John George
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AI Summary
HB 1599 Summary
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Removes the monetary cap on pension benefits exempted from taxable income, allowing individuals to exclude unlimited amounts of retirement benefits from certain specified state and federal retirement systems effective January 1, 2026.
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Specifically applies to retirement benefits from the Oklahoma Public Employees Retirement System, Teachers' Retirement System of Oklahoma, Oklahoma Law Enforcement Retirement System, Oklahoma Firefighters Pension and Retirement System, and other specified state retirement plans once the individual reaches age 65.
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Amends Section 2358 of Title 68 of the Oklahoma Statutes relating to adjustments for calculating Oklahoma taxable income and Oklahoma adjusted gross income.
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Effective date: January 1, 2026.
Legislative Description
Revenue and taxation; income tax; pensions; taxable income; exemption; effective date.
Last Action
Recommendation to the full committee; Do Pass Appropriations and Budget Finance Subcommittee
2/24/2025