OK SB299

Modifies the sales factor for corporate income tax apportionment by eliminating the "throwback rule" starting with tax year 2026, where sales shipped from Oklahoma to states where the taxpayer is not doing business will no longer be included in Oklahoma sales

Updates statutory terminology throughout Oklahoma's income tax code, replacing references to "Oklahoma" with "this state," "Federal" with "United States," and other technical language corrections

Corrects a citation error in farming loss carryback provisions, changing the reference from Section 172(b)(G) to Section 172(b)(1)(B) of the Internal Revenue Code

Makes various conforming changes to standardize language regarding property apportionment, payroll allocation, and sales sourcing for multistate businesses

Becomes effective November 1, 2025