HB 2646 Summary

• Amends Oklahoma income tax law (68 O.S. 2021, Section 2358) relating to income adjustments and deductions for individuals and corporations

• Eliminates the limitation on itemization of wagering losses for tax year 2025 and subsequent tax years, allowing wagering losses deductible under 26 U.S.C. Section 165(d) to be excluded from the $17,000 cap on itemized deductions

• Updates statutory language and references throughout the tax code, including replacing "Oklahoma" with "this state" in multiple provisions for consistency

• Makes technical corrections to references to Internal Revenue Code sections and updates terminology related to business entities and tax treatments

• Becomes effective November 1, 2025