OK HB4432

Amends 68 O.S. Section 2358 to eliminate the $17,000 itemized deduction cap for wagering losses starting in tax year 2027, allowing Oklahoma taxpayers to fully deduct gambling losses as permitted under federal law (26 U.S.C. Section 165(d))

Currently, Oklahoma limits total itemized deductions (excluding charitable contributions and medical expenses) to $17,000; this bill adds wagering losses to the list of excluded deductions

Applies only to taxpayers who itemize deductions on their Oklahoma income tax returns rather than taking the standard deduction

Effective date is January 1, 2027

Also includes various statutory language updates throughout the section, changing references from "Oklahoma" to "this state" and updating other technical citations