Bill Summary: SB 299

• Amends Oklahoma income tax law regarding apportionment factors used to calculate Oklahoma taxable income for corporations engaged in unitary business enterprises.

• Modifies language throughout the statute to replace "Oklahoma" with "this state" for consistency and clarification purposes.

• Updates references to specific Internal Revenue Code sections and regulatory requirements related to federal tax treatment of entities.

• Makes technical corrections and edits to existing tax provisions including those related to net operating losses, real estate investment trusts, and capital gains deductions.

• Becomes effective November 1, 2025.