OK SB108

Removes wagering losses from Oklahoma's $17,000 itemized deduction cap for tax year 2025 and subsequent years, allowing taxpayers to fully deduct gambling losses as permitted under federal tax law (26 U.S.C. Section 165(d))

Wagering losses join charitable contributions and medical expenses as categories excluded from the state's itemized deduction limitation

Makes various technical and statutory language updates throughout Oklahoma's income tax code, including replacing references to "Oklahoma" with "this state" and updating Internal Revenue Code citations

Effective date: November 1, 2025