SB 48 Summary

• Limits the capital gains deduction for "qualifying gains receiving capital treatment" to tax years 2005 through 2025 for both individuals and corporations/estates/trusts, with the deduction expiring after December 31, 2025.

• Updates statutory language throughout 68 O.S. 2021, Section 2358 by replacing references to "Oklahoma" with "this state" for consistency.

• Qualifies as capital gains those resulting from sales of Oklahoma real property (5-year holding period), business ownership interests (2-3 year holding period), or all/substantially all business assets (2-3 year holding period).

• Effective November 1, 2025, with the capital gains deduction becoming unavailable for tax years beginning after December 31, 2025.