OK HB2881

Authorizes a deduction from Oklahoma taxable income for taxable years beginning January 1, 2025, for amounts distributed to business entities by the Oklahoma Broadband Office under the American Rescue Plan Act of 2021 (P.L. 117-2) and the Broadband Equity, Access, and Deployment (BEAD) Program under the Infrastructure Investment and Jobs Act (P.L. 117-58).

Includes distributions from the State and Local Fiscal Recovery Funds Program and Capital Projects Fund Program authorized by the American Rescue Plan Act.

Makes the deduction allocable to equity owners of pass-through business entities subject to Internal Revenue Code of 1986 treatment and Oklahoma Income Tax Code provisions.

Requires entities receiving these funds to spend them on broadband equipment or other broadband-related purposes as required or authorized by the American Rescue Plan Act of 2021.

Effective date is January 1, 2025.