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OK HB2646

Bill

Official Source

Status

Vetoed

5/30/2025

Primary Sponsor

Scott Fetgatter

Click for details

Origin

House of Representatives

2026 Regular Session

AI Summary

  • Amends Oklahoma income tax law to exclude wagering losses from the $17,000 cap on itemized deductions, effective for tax year 2025 and subsequent years
  • Wagering losses deductible under federal law (26 U.S.C. Section 165(d)) will no longer count against the itemized deduction limit, joining charitable contributions and medical expenses as excluded categories
  • Updates statutory language throughout the bill, replacing references to "Oklahoma" with "this state" and "Federal" with "United States" for consistency
  • Makes various technical corrections to statutory references and terminology without substantive policy changes
  • Effective date: November 1, 2025

Legislative Description

Revenue and taxation; adjustments; wagering; tax year; effective date.

Last Action

Pocket veto 06/15/2025

5/30/2025

Committee Referrals

Appropriations4/14/2025
Revenue and Taxation4/1/2025
Appropriations and Budget2/17/2025
Rules2/4/2025

Full Bill Text

No bill text available