reglab/housing_qa huggingface dataset:
68 OK Stat § 68-2357.303 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.303. Credit for compensation paid to employees.

|A. Except as provided in subsection F of this section, for taxable years beginning after December 31, 2008, and ending before January 1, 2026, a qualified employer shall be allowed a credit against the tax imposed pursuant to Section 2355 of this title for compensation paid to a qualified employee. |B. The credit authorized by subsection A of this section shall be in the amount of:1. Ten percent (10%) of the compensation paid for the first through fifth years of employment in the aerospace sector if the qualified employee graduated from an institution located in this state; or2. Five percent (5%) of the compensation paid for the first through fifth years of employment in the aerospace sector if the qualified employee graduated from an institution located outside this state.C. The credit authorized by this section shall not exceed Twelve Thousand Five Hundred Dollars ($12,500.00) for each qualified employee annually.D. The credit authorized by this section shall not be used to reduce the tax liability of the qualified employer to less than zero (0).E. No credit authorized pursuant to this section shall be claimed after the fifth year of employment.F. No credit otherwise authorized by the provisions of this section may be claimed for any event, transaction, investment, expenditure or other act occurring on or after July 1, 2010, for which the credit would otherwise be allowable. The provisions of this subsection shall cease to be operative on July 1, 2011. Beginning July 1, 2011, the credit authorized by this section may be claimed for any event, transaction, investment, expenditure or other act occurring on or after July 1, 2011, according to the provisions of this section.Added by Laws 2008, c. 417, § 3, eff. Jan. 1, 2009. Amended by Laws 2010, c. 327, § 27, eff. July 1, 2010; Laws 2011, c. 5, § 2; Laws 2014, c. 30, § 3, eff. Nov. 1, 2014; Laws 2017, c. 153, § 2, eff. Nov. 1, 2017.
68 OK Stat § 68-2357.304 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.304. Credit for employees.

|A. Except as provided in subsection D of this section, for taxable years beginning after December 31, 2008, and ending before January 1, 2026, a qualified employee shall be allowed a credit against the tax imposed pursuant to Section 2355 of this title of up to Five Thousand Dollars ($5,000.00) per year for a period of time not to exceed five (5) years. |B. The credit authorized by this section shall not be used to reduce the tax liability of the taxpayer to less than zero (0).C. Any credit claimed, but not used, may be carried over, in order, to each of the five (5) subsequent taxable years.D. No credit otherwise authorized by the provisions of this section may be claimed for any event, transaction, investment, expenditure or other act occurring on or after July 1, 2010, for which the credit would otherwise be allowable. The provisions of this subsection shall cease to be operative on July 1, 2011. Beginning July 1, 2011, the credit authorized by this section may be claimed for any event, transaction, investment, expenditure or other act occurring on or after July 1, 2011, according to the provisions of this section.Added by Laws 2008, c. 417, § 4, eff. Jan. 1, 2009. Amended by Laws 2010, c. 327, § 28, eff. July 1, 2010; Laws 2011, c. 5, § 3; Laws 2014, c. 30, § 4, eff. Nov. 1, 2014; Laws 2017, c. 153, § 3, eff. Nov. 1, 2017.
68 OK Stat § 68-2357.401 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.401. Electronic fund transfer tax credit.

|A. Except as otherwise provided by subsections B and C of this section, for taxable years beginning January 1, 2009, and ending before January 1, 2017, there shall be allowed a credit against the tax imposed pursuant to Section 2355 of this title in the amount of all electronic funds transfers fees paid by an individual or entity pursuant to Section 2-503.1j of Title 63 of the Oklahoma Statutes. |B. For any fees paid by a person or entity for the taxable year beginning January 1, 2009, the credit otherwise authorized by this section shall not be claimed for an individual prior to January 1, 2011. Subject to the requirements of this subsection, an individual taxpayer shall be able to claim the credit authorized by this section for all fees paid during the tax year ending December 31, 2009, and the tax year ending December 31, 2010, on the income tax return filed for the tax year ending December 31, 2010.C. For any fees paid by an entity other than a natural person for the taxable year beginning January 1, 2009, the credit otherwise authorized by this section shall not be claimed on an income tax return prior to January 1, 2011. Subject to the requirements of this subsection, an entity other than a natural person shall be able to claim the credit authorized by this section for all fees paid during a tax year ending at any time during calendar year 2009 and for all fees paid during calendar year 2010 on the income tax return filed for the tax year ending not later than December 31, 2010.D. The credit authorized by this section shall not be used to reduce the income tax liability of the taxpayer to less than zero (0).E. To the extent not used in any taxable year, the credit authorized by this section may be carried over, in order, to each of the five (5) succeeding taxable years.Added by Laws 2009, c. 442, § 16, eff. July 1, 2009. Amended by Laws 2014, c. 34, § 1, eff. Nov. 1, 2014.
68 OK Stat § 68-2357.406 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.406. Tax credit for blood donations by employees.

|A. As used in this section: |1. "Blood donation" means the voluntary and uncompensated donation of whole blood, or specific components of blood, by an employee, drawn for use by a nonprofit blood bank organization as part of a blood drive;2. "Blood drive" means a function held at a specific date and time which is organized by a nonprofit blood bank organization in coordination with an employer or group of employers and is closed to nonemployees;3. "Employee" means an individual employed by an employer authorized to claim a credit pursuant to this section;4. "Employer" means a sole proprietor, general partnership, limited partnership, limited liability company, corporation or other legally recognized business entity; and5. "Verified donation" means a blood donation by an employee, made during a blood drive as defined in paragraph 2 of this subsection, which can be documented by an employer.B. For tax years 2022 through 2027, an employer shall be allowed a credit against the tax imposed pursuant to Section 2355 or 2355.1P-4 of Title 68 of the Oklahoma Statutes, for each verified donation of blood made by an employee as part of a blood drive by an Oklahoma nonprofit blood donation organization.C. The credit authorized by subsection B of this section shall be equal to Twenty Dollars ($20.00) for each verified donation.D. The credit authorized by this section shall not be used to reduce the tax liability of the taxpayer to less than zero (0).E. The total amount of credits authorized by this section used to offset tax shall be adjusted annually to limit the annual amount of credits to Five Hundred Thousand Dollars ($500,000.00). The Oklahoma Tax Commission shall annually calculate and publish a percentage by which the credits authorized by this section shall be reduced so the total amount of credits used to offset tax does not exceed Five Hundred Thousand Dollars ($500,000.00) per year. The formula to be used for the percentage adjustment shall be Five Hundred Thousand Dollars ($500,000.00) divided by the credits claimed in the second preceding year.F. The Oklahoma Tax Commission may determine, by rule, documentation required to implement this section.Added by Laws 2021, c. 541, § 1, eff. Nov. 1, 2021.
68 OK Stat § 68-2358.1 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2358.1. Prisoners of war - Missing in action - Exceptions - Refunds.

|The income of a member of the Armed Forces of the United States or a civilian who has been or is detained as a prisoner of war or listed as missing in action in a conflict with the enemy in the Southeast Asia and Vietnam war or conflict, and in any future war or conflict with an enemy of the United States, and the income of the spouse or dependent of such person shall be exempt from Oklahoma income tax for and during the time in which such person was or is detained as a prisoner of war or as confirmed missing in action, and for the remainder of such taxpayer's income tax year following the release of such prisoner of war or, if a person missing in action, until he is declared deceased by the Armed Forces. |In any case where an income tax has been paid upon the income, irrespective of the source of such income, of any such person who was or is a prisoner of war or missing in action, or upon the income of such person's spouse or dependent for any year during the time in which such person was or is a prisoner of war or missing in action, the tax monies shall be refunded to the person or persons having paid such tax. Such refund shall be made by the Oklahoma Tax Commission out of the Oklahoma Income Tax Adjustment Fund, and so much of such fund as is necessary for such purpose is hereby appropriated. The provisions of this act shall be liberally construed to accomplish its purpose and the statute of limitations in respect to refunds of income taxes shall not apply to taxpayers covered by this act.Laws 1973, c. 128, § 1, emerg. eff. May 9, 1973.
68 OK Stat § 68-2358.1A (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2358.1A. Death of member of armed forces in combat zone - Exemptions - refunds.

|A. Any payment made by the United States Department of Defense as a result of the death of a member of the Armed Forces of the United States who has been killed in action in a United States Department of Defense designated combat zone shall be exempt from Oklahoma income tax during the taxable year in which the individual is declared deceased by the Armed Forces. Any income earned by the spouse of a member of the Armed Forces of the United States who has been killed in action in a United States Department of Defense designated combat zone shall be exempt from Oklahoma income tax during the taxable year in which the individual is declared deceased by the Armed Forces. |B. In any case where income tax has been paid upon any income exempt pursuant to subsection A of this section, the tax monies shall be refunded to the person or personal representative of the person. The refund shall be made by the Oklahoma Tax Commission out of the Oklahoma Income Tax Adjustment Fund, and so much of such fund as is necessary for such purpose is hereby appropriated. The provisions of this section shall be liberally construed to accomplish its purpose and the statute of limitations with respect to refunds of income taxes shall not apply to taxpayers covered by this section.Added by Laws 2009, c. 217, § 1, eff. Jan. 1, 2010.
68 OK Stat § 68-2358.4 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2358.4. Adjustment for individuals engaged in farming business.

|A. For taxable years beginning after December 31, 2000, at the election of an individual engaged in a farming business, the tax imposed by Section 2355 of Title 68 of the Oklahoma Statutes for such taxable year shall be equal to the sum of: |1. A tax computed under such section on taxable income reduced by elected farm income; and2. The increase in tax imposed by Section 2355 of Title 68 of the Oklahoma Statutes which would result if taxable income for each of the three (3) prior taxable years were increased by an amount equal to one-third (1/3) of the elected farm income.Any adjustment under this section for any taxable year shall be taken into account in applying this section for any subsequent taxable year.B. As used in this section:1. "Elected farm income" means so much of the taxable income for the taxable year which is attributable to any farming business, and which is specified in the election under subsection A of this section. For purposes of this paragraph, a gain from the sale or other disposition of property, other than land, regularly used by the taxpayer in such a farming business for a substantial period shall be treated as attributable to such a farming business;2. "Individual" shall not mean or include any estate or trust; and3. "Farming business" shall have the same meaning as the term is defined in the Internal Revenue Code, 26 U.S.C., Section 263A(e)(4).C. The Oklahoma Tax Commission shall promulgate any necessary rules to implement the provisions of this section.Added by Laws 2000, c. 290, § 1, eff. Jan. 1, 2001.
68 OK Stat § 68-2358.5 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2358.5. Interest on certain governmental obligations exempt from income tax.

|A. Interest on local governmental obligations issued after the effective date of this act for purposes other than to provide financing for projects for nonprofit corporations shall be exempt from Oklahoma income taxation. For these purposes, local governmental obligations shall include bonds or notes issued by, or on behalf of, or for the benefit of Oklahoma educational institutions, cities, towns, or counties or by public trusts of which any of the foregoing is a beneficiary. |B. Interest on governmental obligations issued by the Oklahoma Department of Transportation after the effective date of this act for purposes of highway construction and maintenance shall be exempt from Oklahoma income taxation.Added by Laws 2000, c. 351, § 12, eff. July 1, 2001. Amended by Laws 2002, c. 290, § 1, eff. July 1, 2002.NOTE: Editorially renumbered from § 2358.4 of this title to avoid duplication in numbering.
68 OK Stat § 68-2358.5-1 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2358.5-1. Deduction for fostering children.

|For taxable years beginning on or after January 1, 2019, there shall be allowed a deduction for a taxpayer who contracts with a child-placing agency, as defined in Section 402 of Title 10 of the Oklahoma Statutes, in the amount of Five Thousand Dollars ($5,000.00) for expenses incurred to provide care for a foster child. Provided: |1. In order to qualify, a taxpayer shall have been under contract and providing care for at least six (6) months, regardless of the tax year during which the care occurs;2. If the time period during which a taxpayer is under contract and providing care is equal to less than six (6) months of the tax year for which the deduction is being claimed, the taxpayer shall only claim a monthly pro rata share of the annual Five Thousand Dollars ($5,000.00) deduction; and3. Any married persons filing separately in a year in which they could have filed a joint return may each claim only one-half (1/2) of the tax deduction that would have been allowed for a joint return.Added by Laws 2013, c. 352, § 1, eff. Jan. 1, 2014. Amended by Laws 2014, c. 412, § 1, emerg. eff. June 3, 2014; Laws 2019, c. 264, § 1, eff. Nov. 1, 2019.
68 OK Stat § 68-2358.5A (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2358.5A. Obligations issued by state and certain state agencies exempt from taxation.

|A. All bonds, notes, debentures, evidences of indebtedness, lease purchase agreements, certificates of participation, commercial paper, or other obligations issued by the State of Oklahoma, the Oklahoma Capitol Improvement Authority, the Oklahoma Municipal Power Authority, the Oklahoma Student Loan Authority, and the Oklahoma Transportation Authority, the income therefrom, including, without limitation, any profit made on the sale thereof, and the transfer thereof, including, without limitation, estate or inheritance taxes, shall at all times be free from taxation within this state. |B. The provisions of this section shall be supplemental to, and not limiting or restrictive of, any law involving the taxation of such obligations within the State of Oklahoma.Added by Laws 2006, c. 327, § 6, eff. July 1, 2006.
68 OK Stat § 68-2358.6 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2358.6. Bonus depreciation received under federal law - Addition to federal taxable income - Subtraction in later years.

|A. For income tax returns filed after September 10, 2001, by corporations and fiduciaries, federal taxable income shall be increased by eighty percent (80%) of any amount of bonus depreciation received under the federal Job Creation and Worker Assistance Act of 2002, under Section 168(k) or Section 1400L of the Internal Revenue Code of 1986, as amended, for assets placed in service after September 10, 2001, and before September 11, 2004. |B. For income tax returns filed after December 31, 2007, by corporations and fiduciaries, federal taxable income shall be increased by eighty percent (80%) of any amount of bonus depreciation received under the federal Economic Stimulus Act of 2008, or under the American Recovery and Reinvestment Act of 2009, under Section 168(k) or Section 1400L of the Internal Revenue Code of 1986, as amended, for assets placed in service after December 31, 2007, and before January 1, 2010.C. For a corporation with a unitary business having activity both inside and outside the state, the increase shall be apportioned to Oklahoma in the same manner as income is apportioned to the state under Section 2358 and Section 2362 of this title.D. The amount of bonus depreciation added to federal taxable income by this section shall be subtracted in a later taxable year as herein provided. Twenty-five percent (25%) of the total amount of bonus depreciation added back may be subtracted in the first taxable year following the year of the addition and twenty-five percent (25%) may be subtracted in each of the next three following taxable years.E. A corporation or fiduciary filing a return for which federal taxable income is not increased as provided in subsection A of this section prior to October 1, 2002, shall file an amended return reflecting such increase not later than June 30, 2003. The Oklahoma Tax Commission shall not assess penalties or interest with respect to the failure to reflect such increase if a correct amended return is filed as required herein. A corporation or fiduciary filing a return for which federal taxable income is not increased as provided for in subsection B of this section prior to October 1, 2008, shall file an amended return reflecting such increase not later than June 30, 2009. The Tax Commission shall not assess penalties or interest with respect to the failure to reflect such increase if a correct amended return is filed as required herein.Added by Laws 2002, c. 503, § 3, emerg. eff. June 7, 2002. Amended by Laws 2008, c. 395, § 2, emerg. eff. June 3, 2008; Laws 2009, c. 426, § 11, emerg. eff. June 1, 2009.
68 OK Stat § 68-2358.100 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2358.100. Filing of amended income tax return for 2004 or 2005.

|Notwithstanding any other provision of law to the contrary, any taxpayer who has filed an income tax return for the 2004 or 2005 income tax year or who requested an extension, whether or not the extension was granted, and whether or not the extension has expired prior to the effective date of this act, or will expire at any time prior to January 1, 2006, may file an amended return in order to recompute adjusted gross income or taxable income, as applicable, based upon the amendments as contained in Enrolled House Bill No. 1547 of the 1st Session of the 50th Oklahoma Legislature with respect to allocation of capital or ordinary gains from the sale of a publicly traded partnership as provided by division (2) of subparagraph b of paragraph 4 of subsection A of Section 2358 of Title 68 of the Oklahoma Statutes. |Added by Laws 2005, c. 458, § 3, eff. July 1, 2005.
68 OK Stat § 68-2359 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2359. Exempted organizations.

|A. A person or organization exempt from federal income taxation under the provisions of the Internal Revenue Code shall also be exempt from the tax imposed by Section 2351 et seq. of this title in each year in which such person or organization satisfies the requirements of the Internal Revenue Code for exemption from federal income taxation. If the exemption applicable to any person or organization under the provisions of the Internal Revenue Code is limited or qualified in any manner, the exemption from taxes imposed by this article shall be limited or qualified in a similar manner. |B. Notwithstanding the provisions of subsection A of this section, the unrelated business taxable income or other income subject to tax, as computed under the provisions of the Internal Revenue Code, of any person or organization exempt from the tax imposed by Section 2351 et seq. of this title and subject to the tax imposed on such income by the Internal Revenue Code shall be subject to the tax which would have been imposed by this act but for the provisions of subsection A of this section.C. Insurance companies paying, during or for the taxable year, a tax to this state on gross premium income shall be exempt from the provisions of this article and the taxes levied thereby.D. Royalty earned by an inventor from products developed and manufactured in this state shall be exempt from the tax imposed by Section 2355 of this title for a seven-year period, pursuant to the provisions of Section 5064.7 of Title 74 of the Oklahoma Statutes.E. Tenants of small business incubators shall be exempt for the tax imposed by Section 2355 of this title, pursuant to the provisions of Section 5078 of Title 74 of the Oklahoma Statutes.Added by Laws 1971, c. 137, § 9, emerg. eff. May 11, 1971. Amended by Laws 1975, c. 122, § 1, emerg. eff. May 13, 1975; Laws 1987, c. 121, § 10, eff. Nov. 1, 1987; Laws 1987, c. 228, § 11, eff. Jan. 1, 1988; Laws 1988, c. 313, § 1, emerg. eff. July 1, 1988; Laws 2019, c. 320, § 4.
68 OK Stat § 68-2360 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2360. Accounting periods and methods.

|A. The taxpayer's taxable year under this act shall be the same as his taxable year for federal income tax purposes. If, on the effective date of this act, the taxpayer's taxable year for Oklahoma income tax purposes is different than his taxable year for federal income tax purposes, the taxpayer shall file a return for the short period ending on the day for which his current taxable year for federal income tax purposes ends. If such taxpayer's taxable year for federal income tax purposes ends after his taxable year for Oklahoma income tax purposes, then the taxpayer shall file a return for such regular Oklahoma taxable year and a return for the short period ending with the federal taxable year. |The Tax Commission shall prescribe and promulgate all necessary rules and regulations for annualizing income and/or deductions for short years necessitated by the transition, if any, to the federal taxable year.B. If a taxpayer's taxable year is changed for federal income tax purposes, his Oklahoma taxable year shall be similarly changed under the same rules applicable under the Internal Revenue Code.C. The taxpayer's method of accounting under this act shall be the same as his method of accounting for federal income tax purposes.D. If a taxpayer's method of accounting is changed for federal income tax purposes, such taxpayer's method for Oklahoma income tax purposes shall be similarly changed under the same rules applicable under the Internal Revenue Code.Added by Laws 1971, c. 137, § 10, emerg. eff. May 11, 1971.