SB 108 Summary

• Amends Oklahoma income tax law (68 O.S. 2021, Section 2358) to eliminate the limitation on itemization of wagering losses for tax year 2025 and subsequent tax years by excluding wagering losses deductible under 26 U.S.C. Section 165(d) from the $17,000 itemized deduction cap.

• Updates statutory language and references throughout the section, including replacing references to "Oklahoma" with "this state" for consistency and correcting Internal Revenue Code citations.

• Preserves existing treatment of charitable contributions and medical expenses as already excluded from the $17,000 itemized deduction limitation.

• Becomes effective November 1, 2025.