Ben Loring voted Nay (Passage) on this Legislation.
Title: Revises Income Tax Provisions
Signed by Governor Mary Fallin
Title: Revises Income Tax Provisions
Title: Revises Income Tax Provisions
Vote to pass a bill that establishes tax revenue provisions including but not limited to standard deductions and tax return filing, effective January 1, 2017.
Specifies that the taxable interest income from any political organization that is not exempt by law to corporations is taxable under adjusted gross income (Sec. 1).
Requires the amount of net operating loss tax deductions to be equal to the amount of Oklahoma net operating losses (Sec. 1).
Establishes that taxable income includes income received from real property, tangible and intangible personal property, and capital gains and losses resulting from the sale of an ownership stake in a publicly traded partnership (Sec. 1).
Requires every resident with a gross income to file a tax return yearly, which must document their taxable income and adjusted gross income (Sec. 2).
Requires any nonresident with an Oklahoma gross income of at least $1,000 to file an Oklahoma income tax return (Sec. 2).
Specifies that the gains or losses from a sale of ownership or interest in a business or partnership is considered taxable income (Sec. 1).
Specifies that the taxable income of Oklahoma insurance companies is the same as the taxable income for federal tax purposes (Sec. 1).
Specifies that an insurance company’s income from premiums is taxable income (Sec. 1).
Specifies that net income and loss include income from patent and copyright royalties, purchase discounts, and interest accounts arising from business activities (Sec. 1).
Specifies that the average value of real estate for property taxes is calculated by averaging the values of a given property at the beginning and end of the tax period (Sec. 1).
Establishes that any farming-related loss is considered a net operating loss and is tax-deductible up to the amount of $60,000 (Sec. 1).
Specifies that taxable income of corporations, estates, and trusts must be adjusted for qualifying gains of taxable income in accordance with current Oklahoma Code (Sec. 1).
Specifies that personal exemptions given to individuals are given in units of $1,000 (Sec. 1).
Authorizes an exemption of $1,000 for each taxpayer who is blind or has a blind spouse (Sec. 1).
Authorizes an exemption of $1,000 for each taxpayer who is over the age of 65 or has a spouse over the age of 65 (Sec. 1).
Specifies that taxpayers may not claim exemptions unless their income is $25,000 if married and filing jointly, $12,500 if married and filing separately, $15,000 for single individuals, or $19,000 for qualifying heads of household (Sec. 1).
Requires that individuals using standard deductions after January 1, 2017 add the difference necessary to allow a standard deduction of $6,350 for single individuals and married couples who are filing separately or $12,700 for married couples who are filing jointly or widowers with dependent children (Sec. 1).
Specifies that disabled individuals may deduct the amount necessary to modify their motor vehicles, home, or workplace in order to compensate for their handicap (Sec. 1).
Authorizes a late filing deadline for certain members of the Armed Forces who cannot file a tax return on time (Sec. 1).
Specifies that social security benefits are exempt from taxable income (Sec. 1).
Nonrecurring expenses related to the adoption of a child are tax deductible (Sec. 1).
Specifies that any scholarship or stipend from participation in the Oklahoma Police Corps program is tax exempt income (Sec. 1).
Specifies individuals may deduct $10,000 from their gross income for the donation of a human organ for transplant while living, but this deduction may only be claimed once (Sec. 1).
Title: Revises Income Tax Provisions