reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 1 - GENERAL PROVISIONS › Section 710:50-15-2 - Application of the Oklahoma Individual Income Tax to Native Americans

Current through Vol. 41, No. 20, July 1, 2024
(a)
Definitions.
The following words and terms, when used in this
				  Section, shall have the following meaning, unless the context clearly indicates
				  otherwise:
(1)
"Indian Country"
means and includes formal and informal reservations, dependent Indian
				  communities, and Indian allotments, the Indian titles to which have not been
				  extinguished, whether restricted or held in trust by the United States.
				  [
See:
18 U.S.C. §
												1151 ]
(2)
"Informal reservations"
means and includes lands held in trust for a tribe by the United States and
				  those portions of a tribe's original reservation which were neither allotted to
				  individual Indians, nor ceded to the United States as surplus land, but were
				  retained by the tribe for use as tribal lands.
(3)
"Dependent Indian
				  communities"
means and refers to a limited category of Indian lands that
				  are neither reservations nor allotments, and that satisfy the following two
				  requirements:
(A) They have been set aside by
				  the federal government for the use of the Indians as Indian land;
				  and,
(B) They are under federal
				  superintendence.
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 3 - EXEMPTIONS › Section 710:50-15-30 - Additional exemption for 65 or older

Current through Vol. 41, No. 20, July 1, 2024
(a)
				  There shall be allowed an additional exemption on the Oklahoma Income Tax
				  Return of One Thousand Dollars ($1,000.00) for each taxpayer or spouse who is
				  sixty-five (65) years of age or older at the close of the tax year, based upon
				  the filing status and federal adjusted gross income of the taxpayer. Taxpayers
				  with the following status may claim this exemption if the federal adjusted
				  gross income does not exceed:
(1) Twenty-five
				  Thousand Dollars ($25,000.00) if married and filing jointly;
(2) Twelve Thousand Five Hundred Dollars
				  ($12,500.00) if married and filing separately;
(3) Fifteen Thousand Dollars ($15,000.00) if
				  single; and
(4) Nineteen Thousand
				  Dollars ($19,000.00) if a qualifying head of household. [
See:
68
				  O.S. §
											2358(E)
				  ]
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 3 - EXEMPTIONS › Section 710:50-15-31 - Additional exemption for blind

Current through Vol. 41, No. 20, July 1, 2024
A qualified blind taxpayer shall be allowed an additional
					 exemption on the Oklahoma income tax return. [
See:
68 O.S. §
										2358(E)(1)(b)
					 ]
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 3 - EXEMPTIONS › Section 710:50-15-32 - Small business incubators incentive

Current through Vol. 41, No. 20, July 1, 2024
(a)
General provisions.
Certain
				  exemptions for the levy of Oklahoma income tax may be allowed for income earned
				  by qualifying sponsors and tenants pursuant to the provisions of the Small
				  Business Incubators Incentive Act (74 O.S. §5071 et seq.)
(b)
Definitions.
The following
				  words and terms, when used in this Section, shall have the following meaning,
				  unless the context clearly indicates otherwise:
(1)
"Act"
means the Small
				  Business Incubators Incentives Act (74 O.S. §5071 et seq.).
(2)
"Arm's-length basis"
means
				  that standard under which unrelated parties, each acting in his or her own best
				  interest, would carry out a particular transaction.
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 3 - EXEMPTIONS › Section 710:50-15-33 - Exemption for employers participating in the Oklahoma Department of Labor Safety Pays Consultation Services

Current through Vol. 41, No. 20, July 1, 2024
There is an annual deduction of One Thousand Dollars
					 ($1,000.00) for employers who participate in the Oklahoma Department of Labor's
					 Safety Pays Consultation Service effective for tax year 2006. Employers may
					 claim the exemption of One Thousand Dollars ($1,000.00) on the appropriate
					 Oklahoma income tax return. Employers must be able to substantiate their
					 participation in the Oklahoma Department of Labor's Safety Pays Consultation
					 Service upon request of the Oklahoma Tax Commission.
Added at 23 Ok Reg
					 2824, eff 6-25-06
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 3 - EXEMPTIONS › Section 710:50-15-34 - Exemption for death benefits of Emergency Medical Technicians

Current through Vol. 41, No. 20, July 1, 2024
In taxable years beginning after December 31, 2008, death
					 benefits received as a result of the death of an Emergency Medical Technician
					 are exempt from Oklahoma income tax.
Added at 26 Ok Reg
					 2330, eff 6-25-09
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 3 - EXEMPTIONS › Section 710:50-15-35 - Exemption for deceased members and spouses of the Armed Forces

Current through Vol. 41, No. 20, July 1, 2024
(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.
(b) 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.
(c) In any case where income tax has been
				  paid upon any income exempt pursuant to this Section, the tax paid shall be
				  refunded to the person or personal representative of the person.
Added at 27 Ok Reg
					 2281, eff 7-11-10
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-47 - Oklahoma military pay deduction

Current through Vol. 41, No. 20, July 1, 2024
(a)
				  For tax years beginning before January 1, 2010, individual taxpayers can
				  subtract from Oklahoma adjusted gross income the first One Thousand Five
				  Hundred Dollars ($1,500.00) of salary or compensation earned as a member of any
				  component of the Armed Forces of the United States.
(b) For salary or compensation earned on or
				  after January 1, 2010 and before July 1, 2010 individual taxpayers can subtract
				  from Oklahoma adjusted gross income the first One Thousand Five Hundred Dollars
				  ($1,500.00) of salary or compensation earned as a member of any component of
				  the Armed Forces of the United States.
(c) For salary or compensation earned on or
				  after July 1, 2010 individual taxpayers can subtract from Oklahoma adjusted
				  gross income all salary or compensation earned as a member of any component of
				  the Armed Forces of the United States.
(d) Salary or compensation under this Section
				  does not include retirement benefits.
Added at 27 Ok Reg
					 2881, eff 7-11-10
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-49 - Deduction for retirement income

Current through Vol. 41, No. 20, July 1, 2024
(a)
General
				  provisions applicable to Oklahoma or federal government retirement
				  income.
Each individual taxpayer may deduct up to Ten Thousand Dollars
				  ($10,000.00) of retirement benefits paid by the State of Oklahoma or by the
				  federal government. This deduction cannot exceed the amount included in the
				  taxpayer's federal adjusted gross income. The total exclusion from all
				  government retirement benefit plans may not exceed Ten Thousand Dollars
				  ($10,000.00)per individual.
(b)
Qualifying Oklahoma or federal government retirement income
				  defined.
For purposes of this Section, "Oklahoma or federal government
				  retirement income" means retirement income received from the following sources:
(1) The Civil Service of the United
				  States;
(2) Any Component of the
				  Armed Forces of the United States; [See special rule (g)]
(3) The Oklahoma Public Employees' Retirement
				  System;
(4) The Oklahoma Teachers'
				  Retirement System;
(5) Oklahoma Law
				  Enforcement Retirement System;
(6)
				  Oklahoma Firefighters' Pension and Retirement System;
(7) Oklahoma Police Pension and Retirement
				  System;
(8) The Employee retirement
				  systems created by counties pursuant to 19 O.S. §§951 et
				  seq.
(9) The Uniform Retirement
				  System for Justices and Judges;
(10) The Oklahoma Wildlife Conservation
				  Department Retirement Fund;
(11)
				  The Oklahoma Employment Security Commission Retirement Plan; or,
(12) The Employee retirement systems created
				  by municipalities pursuant to 11 O.S. §§ 48-101 et
				  seq.
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-51 - Military pay of nonresidents and income earned by spouse of nonresident servicemember

Current through Vol. 41, No. 20, July 1, 2024
(a) Military
				  pay earned in Oklahoma by nonresident personnel, stationed in Oklahoma while on
				  active duty, shall be exempt from Oklahomaincome tax. These earnings are
				  treated as "out-of-state income. This exemption applies only to military pay
				  earned in Oklahoma; any other income from the performance of a service other
				  than military duty is subject to Oklahoma income tax.
(b) Beginning with tax year 2009, a
				  nonresident spouse of a nonresident servicemember may be exempt from Oklahoma
				  income tax on income from services performed in Oklahoma if all of the
				  following conditions are met:
(1) The
				  servicemember is in Oklahoma in compliance with military orders;
(2) The spouse is in Oklahoma to be with the
				  servicemember; and
(3) The spouse
				  maintains the same domicile as the servicemember or, for tax years beginning on
				  or after January 1, 2018, elects to use the same residence for tax purposes as
				  the servicemember in accordance with the Veterans Benefits and Transition Act
				  of 2018.
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-52 - Out-of-state income

Current through Vol. 41, No. 20, July 1, 2024
(a) For residents,
"out-of-state income"
consists of income from real or tangible
				  personal property or business income in another state. Any amount deducted must
				  be substantiated with the appropriate Federal schedule which sets out the
				  Oklahoma portion.
(b) Losses
				  sustained from property owned or from a business located outside the State of
				  Oklahoma must be added to Federal adjusted gross income to arrive at Oklahoma
				  adjusted gross income.
(c)
				  Out-of-State income is limited to the net income from real or tangible personal
				  property or net business income in another state. [
See:
68 O.S.
				  §
										2358(A)(4)
				  ]
Amended at 17 Ok Reg
					 2669, eff 6-25-00
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-53 - Oklahoma net operating loss for individual returns

Current through Vol. 41, No. 20, July 1, 2024
(a) Oklahoma net operating losses shall be
				  separately determined by reference to Section 172 of the Internal Revenue Code
				  and will be calculated utilizing Oklahoma Form 511-NOL Schedule A for resident
				  individuals and Form 511-NR-NOL Schedule A for nonresident and part-year
				  individuals.
(b) An election may be
				  made to forego the Net Operating Loss (NOL) carryback period. In order to waive
				  the carryback period, a written statement of the election must be part of the
				  timely filed Oklahoma loss year return.
(c) The years to which such losses may be
				  carried shall be determined by reference to Section 172 of the Internal Revenue
				  Code, as follows:
(1) For net operating losses
				  incurred for tax years beginning on or after January 1, 2001, and ending on or
				  before December 31, 2007, the loss carryback shall be for a period as allowed
				  in the Internal Revenue Code; and
(2) For net operating losses incurred for tax
				  years beginning after December 31, 2007, and ending on or before December 31,
				  2008, the loss carryback period shall be for a period of two (2) years;
				  and
(3) For tax years beginning
				  after December 31, 2008, the loss carryback period shall be for a period as
				  allowed by Section 172 of the Internal Revenue Code.
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-54 - Federal tax deduction

Current through Vol. 41, No. 20, July 1, 2024
Federal income tax deduction shall include federal income
					 tax, foreign income tax, surtaxes imposed on income or excess profits taxes,
					 less any credits allowed by the Internal Revenue Service. The deduction for
					 federal income taxes allowed on the Oklahoma income tax return is computed as
					 though the taxpayer were on the accrual basis of accounting. [
See:
68 O.S. §
										2358(E)(7)(c)
					 ]
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-55 - Depletion

Current through Vol. 41, No. 20, July 1, 2024
(a) The Oklahoma
				  depletion deduction from income for oil and gas produced in Oklahoma is
				  twenty-two percent (22%) of the gross income from the property, provided that
				  for tax years beginning on or after January 1, 1997, and ending on or before
				  December 31, 1999, and for tax years beginning on or after January 1, 2001, and
				  ending on or before December 31, 2011, in the case of major oil companies, as
				  defined by 52 O.S. §
										288.2, the
				  allowance may not exceed fifty percent (50%) of the net income from the
				  property computed without the allowance for depletion. During years not
				  specified herein, for all taxpayers, the allowance shall not exceed fifty
				  percent (50%) of the net income from the property (computed without allowance
				  for depletion). This allowance is allowable in the amount so computed minus the
				  Federal depletion claimed. The applicable Federal schedule and a detailed
				  depletion schedule must be enclosed.
(b) Lease bonus depletion of 22% is
				  allowable; any such depletion claimed must be restored to income in the case of
				  non-producing properties upon expiration of the lease. Individuals claiming
				  lease bonus depletion may be required to furnish a copy of the lease and
				  division order. [
See:
68 O.S. §
										2353(10)
				  ]
Amended at 14 Ok Reg
					 2699, eff 6-26-97; Amended at 19 Ok Reg 2433, eff 6-27-02; Amended at 21 Ok Reg
					 2571, eff 6-25-04; Amended at 24 Ok Reg 2359, eff
					 6-25-07
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-56 - Interest on U.S. Government obligations

Current through Vol. 41, No. 20, July 1, 2024
(a) An
"obligation of the United
				  States"
is defined as a credit instrument characterized by:
(1) Written document;
(2) The bearing of interest;
(3) A binding promise of the United States to
				  pay specified sums at specified dates; and
(4) Issued pursuant to specific congressional
				  authorization which also pledges the full faith and credit of the United States
				  in support of the promise to pay.
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-57 - Adjustment for state and local obligations

Current through Vol. 41, No. 20, July 1, 2024
(a) Income received on obligations issued by
				  any state or political subdivision which is exempt from Federal taxation but
				  not specifically exempt from state taxation by Federal or Oklahoma Statute
				  shall be added to Federal Adjusted Gross Income.
(b) Income from obligations issued by the
				  State of Oklahoma or any political subdivision is exempt if so provided by the
				  statute authorizing issuance of the obligation OR if it is a local governmental
				  obligation issued
after
July 1, 2001, for a purpose
other
than to provide financing for nonprofit corporate
				  projects.
(c) For purposes of this
				  Section, "
local governmental obligations
" includes, but is not
				  limited to, 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.
(d) All income from obligations issued by any
				  state or political subdivision of a state other than Oklahoma is taxable.
				  [
See:
68 O.S. §
										2358(A)(1)
				  ]
Amended at 18 Ok Reg
					 2810, eff 6-25-01
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-58 - Adjustment for municipal interest

Current through Vol. 41, No. 20, July 1, 2024
Due to the fact that income earned on obligations of a
					 state or political subdivision is exempt from federal taxation, an Oklahoma
					 Income Tax Return may be required under some circumstances, even though no
					 Federal Return is due. [
See:
68 O.S. §
										2368
					 ]
Amended at 18 Ok Reg
					 2810, eff 6-25-01
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-59 - Compensation paid to precollege mathematics or science teachers [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 15 Ok Reg
					 2811, eff 6-25-98
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-60 - Inventors assistance income exclusion

Current through Vol. 41, No. 20, July 1, 2024
(a) Royalty earned by an inventor from a
				  product developed and manufactured in this State shall be exempt from Oklahoma
				  Income Tax for a period of seven (7) years, from January 1, of the first year
				  in which the royalty is received, as long as the manufacturer remains in the
				  State.
(b) An investment/new jobs
				  credit may be available to the manufacturer of new inventions when manufactured
				  in this State. [
See:
OAC
710:50-15-74
				  ]
(c) In addition, the manufacturer
				  may exclude from Oklahoma taxable income sixty-five percent (65%) of the cost
				  of depreciable property purchased and utilized directly in manufacturing the
				  product. The maximum exclusion shall not exceed Five Hundred Thousand Dollars
				  ($500,000.00). If the exclusion exceeds the Oklahoma taxable income, the excess
				  may be carried forward for a period not to exceed four (4) years.
"Depreciable property"
means machinery, fixtures, equipment,
				  buildings, or substantial improvements placed in service in this State during
				  the taxable year.
(d) Requirements
				  for qualification, certification and records required are as follows:
(1) A copy of the Fee Agreement between the
				  inventor and the Oklahoma Center for the Advancement of Science and Technology
				  (OCAST) must be provided to the Commission by the inventor or owner of the
				  rights.
(2) A certification by the
				  Division Director or designee of the Technology Development Programs Division
				  of OCAST must be provided to the Commission, specifying the certification date,
				  product/process or service, inventor, manufacturer, and contract
				  numbers.
(3) A certification by the
				  Division Director or designee of the Technology Development Programs of OCAST
				  must be provided to the Commission, specifying the date of first commercial
				  product sale.
(4) The inventor must
				  furnish annually a schedule of all income inuring to the benefit of the
				  inventor attributable to the certified product/process or service.
(5) Manufacturers in this State must furnish
				  annually a copy of the contract with the inventor and a schedule of all
				  payments, disbursements, salaries, wages, benefits, and anything else of value
				  paid, distributed or transferred to the inventor.
(6) Manufacturers in this State must furnish
				  a schedule of receipts and expenses, including any overhead properly
				  attributable to the product/process or service.
(7) Commission auditors will be available to
				  assist in determining if the terms of the contracts are being fulfilled if
				  requested by OCAST. [
See:
74 O.S. Sections
				  5064.1 et
				  seq.]
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-61 - Medical savings account deduction

Current through Vol. 41, No. 20, July 1, 2024
(a)
General provisions.
There shall be allowed a deduction to arrive
				  at Oklahoma Taxable Income for contributions made to and interest earned on
				  Medical Savings Accounts (MSA).
(b)
Eligibility.
In order to be eligible for this deduction,
				  contributions must be made to a MSA program approved by either the State
				  Department of Health or by the Insurance Commissioner.
(c)
Procedure for claiming
				  deduction.
In order to claim the deduction, a statement of the
				  contributions made and interest earned on the MSA must be provided by the
				  administrator of the Plan, and enclosed as part of the income tax return filed
				  for the applicable period.
(d)
Limitation.
In no event shall contributions that are made and
				  excluded from taxable income under Section 125 of the Internal Revenue Code be
				  allowed to be deducted under this Section.
(e)
Eligibility of specific
				  plans.
Contributions made to and interest earned on a MSA program
				  offered by the State and Education Employees Group Insurance Benefit Board may
				  be eligible for the deduction.
Added at 14 Ok Reg
					 2699, eff 6-26-97
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-62 - Agricultural commodity processing facility income/investment exclusion

Current through Vol. 41, No. 20, July 1, 2024
(a)
General
				  provisions.
Owners of agricultural commodity processing facilities may
				  exclude from Oklahoma Taxable Income, or in the case of individuals, from
				  Oklahoma Adjusted Gross Income, a portion of their investment costs in any new
				  or expanded agricultural commodity processing facility located in this state.
(1)
For investments made on or after
				  January 1, 1997, but before December 31, 1998.
Owners of agricultural
				  commodity processing facilities may exclude fifteen percent (15%), of their
				  investment cost in a new or expanded agricultural commodity processing facility
				  located in Oklahoma.
(2)
For
				  investments made on or after January 1, 1999.
If the exclusion for
				  investment in agricultural processing facilities results in the reduction in
				  total Oklahoma Income Tax in excess of one million dollars ($1,000,000.00) in
				  any previous calendar year, the percentage of investment subject to exclusion
				  will be adjusted. The adjusted percentage allowable will be determined by
				  dividing $1,000,000.00 by six percent, then further dividing the result by the
				  total previous year's investment subject to exclusion.
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-63 - Deduction for nonrecurring adoption expenses

Current through Vol. 41, No. 20, July 1, 2024
(a)
General
				  provisions.
In taxable years beginning after December 31, 1995, and
				  ending before January 1, 2003, a deduction is allowed to resident individual
				  taxpayers for nonrecurring adoption expenses, not to exceed ten thousand
				  dollars ($10,000.00) per calendar year, paid in connection with the adoption of
				  a minor, or proposed adoption of a minor which did not result in a decreed
				  adoption. Effective for taxable years beginning after December 31, 2002, and
				  ending before January 1, 2023, the deduction for nonrecurring adoption expenses
				  shall not exceed Twenty Thousand Dollars ($20,000.00) per calendar
				  year.
(b)
Allowable
				  expenses.
For purposes of this Section "nonrecurring adoption expenses"
				  means and includes:
(1) Adoption
				  fees;
(2) Court costs;
(3) Medical expenses;
(4) Attorney fees;
(5) Expenses directly related to the legal
				  process of the adoption of a child and are not reimbursed by other sources, to
				  include, but not limited to costs related to:
(A) The adoption study;
(B) Health and psychological
				  examinations;
(C) Transportation
				  and reasonable costs of food and lodging for the child or adoptive parents
				  which are incurred to complete the adoption process. Transportation expense by
				  either commercial or private means may be claimed based upon actual
				  unreimbursed costs incurred, or in the case of travel by private means, the
				  mileage rate allowed pursuant to the Internal Revenue Code for determining
				  business travel expense may be elected.
(6) Costs associated with physical
				  remodeling, renovation, or alteration of the adoptive parents home or property,
				  if incurred in conjunction with the adoption of a special needs child, as
				  authorized by the court.
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-64 - Elections for individuals engaged in a farming business

Current through Vol. 41, No. 20, July 1, 2024
(a) For tax years beginning after December
				  31, 2000, an individual engaged in a farming business may elect to determine
				  the tax imposed by 68 O.S. §
										2355
				  as the sum of:
(1) A tax computed under
				  Section 2355, on taxable income, reduced by elected farm income; and
(2) The increase in tax imposed by 68 O.S.
				  §
											2355
				  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.
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-65 - Discharge of indebtedness - individuals engaged in production agriculture

Current through Vol. 41, No. 20, July 1, 2024
For taxable years beginning after December 31, 1999,
					 individuals engaged in production agriculture who filed a Schedule F form with
					 the taxpayer's federal income tax return for such taxable year, may exclude
					 from Oklahoma taxable income, any amount that was included in federal taxable
					 income or federal adjusted gross income, which consisted of the discharge of an
					 obligation by a creditor of the taxpayer incurred to finance the production of
					 agricultural products. [
See:
68 O.S. §
										2358(E)(15)
					 ]
Added at 18 Ok Reg
					 2810, eff 6-25-01
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-67 - Deduction for living organ donation

Current through Vol. 41, No. 20, July 1, 2024
(a)
				  Oklahoma resident individuals (or their dependents) who donate one or more
				  human organs while living, may deduct up to Ten Thousand Dollars ($10,000.00)
				  of un-reimbursed expenses from Oklahoma adjusted gross income to arrive at
				  Oklahoma taxable income.
(b)
"Human organs"
mean all or part of a liver, pancreas, kidney,
				  intestine, lung, or bone marrow.
(c) The deduction is allowed only one time
				  and may be claimed only for un-reimbursed expenses that are incurred by the
				  individual and related to the organ donation of the individual in the taxable
				  year in which the transplant occurs.
Added at 25 Ok Reg
					 2056, eff 7-1-08
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-68 - General provisions applicable to unemployment compensation [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 27 Ok Reg
					 2281, eff 7-11-10
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-69 - Deduction for foster care expenses

Current through Vol. 41, No. 20, July 1, 2024
(a)
General provisions.
In taxable years beginning after December 31,
				  2018, an income tax deduction is allowed to individual taxpayers who contract
				  with a child-placing agency to provide care for a foster child.
(b)
Deduction.
The deduction is
				  for expenses incurred to provide care for a foster child not to exceed Five
				  Thousand Dollars ($5,000.00) or Two Thousand Five Hundred Dollars ($2,500.00)
				  for married persons filing separately.
(c)
Qualification.
A taxpayer
				  must be under contract with a child-placing agency, as defined in Section
				  402 of
				  Title 10, for at least six (6) continuous months regardless of the tax year
				  during which the care occurs. If a taxpayer is under contract with a
				  child-placing agency and providing care for a foster child for at least six (6)
				  continuous months, but less than six (6) months of the tax year, taxpayer may
				  claim only a pro rata share of the credit. For example, if a qualifying
				  taxpayer contracts with a child-placing agency and begins providing care for a
				  foster child on May 1, 2018 and ending on March 31, 2019, taxpayer may deduct
				  up to $2,500 (3/6 x $5,000.00) for expenses incurred in 2019 on their 2019
				  income tax return.
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 5 - OTHER ADJUSTMENTS TO INCOME › Section 710:50-15-69.1 - Add-back of federal depreciation for Oklahoma income tax purposes

Current through Vol. 41, No. 20, July 1, 2024
For tax years beginning on or after January 1, 2023,
					 taxpayers have the option for immediate and full expensing of qualified
					 property and qualified improvement property by deducting the full cost of these
					 expenditures in the tax year in which the cost is incurred or the property is
					 placed in service. [68 O.S. § 2358.6A] If this option is taken, amounts
					 that are depreciated for federal income tax purposes shall be added back to
					 Oklahoma taxable income in the year the depreciation is claimed. The taxpayer's
					 decision to use immediate expensing for a qualified property or qualified
					 improvement property in the year the investment cost is incurred is irrevocable
					 for the property unless specifically authorized by the Oklahoma Tax Commission.
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 7 - CREDITS AGAINST TAX › Section 710:50-15-70 - Credits from Oklahoma income tax

Current through Vol. 41, No. 20, July 1, 2024
Certain credits against the initial Oklahoma Income Tax
					 liability may be taken to arrive at the final amount of Oklahoma Income Tax
					 due.
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 7 - CREDITS AGAINST TAX › Section 710:50-15-71 - Credit for child care/child tax credit

Current through Vol. 41, No. 20, July 1, 2024
(a) For tax years beginning before January 1,
				  2008, resident individuals, part-year resident individuals or nonresident
				  individual members of the Armed Forces may claim a credit against the tax
				  imposed by 68 O.S. §
										2355
				  equal to twenty percent (20%) of the credit for child care expenses allowed
				  under the Internal Revenue Code of the United States.
(b) For tax years beginning after December
				  31, 2007, resident individuals, part-year resident individuals or nonresident
				  individual members of the Armed Forces may claim a credit against the tax
				  imposed by 68 O.S. §
										2355
				  equal to the greater of twenty percent (20%) of the credit for child care
				  expenses allowed under the Internal Revenue Code of the United States or five
				  percent (5%) of the child tax credit allowed under the Internal Revenue Code,
				  whichever amount is greater. If federal adjusted gross income is greater than
				  One Hundred Thousand Dollars ($100,000.00), no credit is allowed.
(c) Taxpayers must attach a completed copy of
				  the Federal child care schedule to the Oklahoma Income Tax Return to receive a
				  child care credit.
(d) The credit
				  is to be prorated on the ratio that Oklahoma Adjusted Gross Income bears to
				  Federal Adjusted Gross Income, not to exceed one hundred percent (100%). If the
				  Federal Adjusted Gross Income is zero or less, the ratio will be
				  100%.
Amended at 25 Ok Reg
					 2056, eff 7-1-08
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 7 - CREDITS AGAINST TAX › Section 710:50-15-72 - Credit for taxes paid other states

Current through Vol. 41, No. 20, July 1, 2024
(a) OTC Form 511 TX shall be used by
				  residents and part-year residents who work in other states after becoming an
				  Oklahoma resident and who are required to file Income Tax Returns with those
				  states.
(b) This credit is
				  available only on taxes paid in another state for wages and compensation for
				  personal service. For this credit, retirement income and the proceeds from
				  gambling are considered compensation for personal services.
(c) A copy of the Income Tax Return for each
				  state in which a return was required to be filed must be filed and attached to
				  a completed OTC Form 511 TX. A separate OTC Form 511 TX must be filed for each
				  state. [
See:
68 O.S. §
										2357(B)(1)
				  ]
Amended at 18 Ok Reg
					 2810, eff 6-25-01; Amended at 21 Ok Reg 2571, eff
					 6-25-04
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 7 - CREDITS AGAINST TAX › Section 710:50-15-73 - Credit for use of solar energy and passive solar system [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 18 Ok Reg
					 2810, eff 6-25-01
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 7 - CREDITS AGAINST TAX › Section 710:50-15-75 - Recycling, reuse and source reduction incentives [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Amended at 11 Ok Reg
					 555, eff 10-11-93 (emergency); Amended at 15 Ok Reg 3497, eff 6-26-94; Amended
					 at 15 Ok Reg 2811, eff 6-25-98; Amended at 28 Ok Reg 18, eff 8-9-10
					 (emergency); Amended at 28 Ok Reg 935, eff
					 6-1-11
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 7 - CREDITS AGAINST TAX › Section 710:50-15-76 - Oklahoma coal credits

Current through Vol. 41, No. 20, July 1, 2024
(a)
General provisions applicable to qualifying business entities purchasing
				  Oklahoma-mined coal.
There shall be allowed a credit against the tax
				  imposed by Sections
				  1803
				  and
				  2355
				  of Title 68 or Sections
				  624
				  and
				  628 of
				  Title 36 of the Oklahoma Statutes for legal business entities purchasing
				  Oklahoma-mined coal for qualifying purposes. In order to qualify for the
				  Oklahoma Coal Credit, the business entity must either furnish water, heat,
				  light, or power to the citizens or to the State of Oklahoma, or burn coal to
				  generate heat, light, or power for use in manufacturing operations in Oklahoma.
				  [
See:
68 O.S. § 2357.11;
Wyoming v. Oklahoma
,
				  112 S.Ct. 789 (1992)]
(1)
Basic
				  credit.
For tax years beginning on or after January 1, 1993, and ending
				  on or before December 31, 2005 and for the period beginning January 1, 2006
				  through June 30, 2006, the credit shall be Two Dollars ($2.00) per ton of
				  Oklahoma-mined coal purchased. For the period July 1, 2006 through December 31,
				  2006 and for tax years beginning on or after January 1, 2007 and ending on or
				  before December 31, 2021, the credit shall be Two Dollars and eighty-five cents
				  ($2.85) per ton of Oklahoma-mined coal purchased, except as provided in (h) of
				  this Section.
(2)
Extended
				  basic credit.
For the period July 1, 2006 through December 31, 2006 and
				  for tax years beginning on or after January 1, 2007 and ending on or before
				  December 31, 2021, the credit shall be Two Dollars and fifteen cents ($2.15)
				  per ton of Oklahoma-mined coal purchased. The extended basic credit may not be
				  claimed or transferred prior to January 1, 2008, except as provided in (h) of
				  this Section.
(3)
Additional
				  credit for large quantity purchasers.
For tax years beginning on or
				  after January 1, 1995, and ending on or before December 31, 2005 and for the
				  period beginning January 1, 2006 through June 30, 2006, there shall be allowed,
				  in addition to the credit described in (1) of this subsection, a
supplemental
credit of Three Dollars ($3.00) per ton of
				  Oklahoma-mined coal purchased. However, to obtain the credit described in this
				  paragraph, purchases must total at least Seven Hundred Fifty Thousand (750,000)
				  tons of Oklahoma-mined coal in the tax year for which credit is sought.
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 7 - CREDITS AGAINST TAX › Section 710:50-15-77 - Venture capital company credit

Current through Vol. 41, No. 20, July 1, 2024
(a)
				  Each qualified Venture Capital Company, as defined in Section 2357.7 of
				  Oklahoma Income Tax statutes, shall file a complete annual report with the Tax
				  Commission and list all funds invested in such company which may qualify for
				  the tax credit allowed by the act. The report shall state the amount of funds
				  the Venture Capital Company invested in each business during the taxable year,
				  the name of such business and its Taxpayer/Employer Identification Number
				  (EIN), date of investment and type of investment.
(b) Each qualified Venture Capital Company
				  shall furnish to each investor in the Company during the preceding year, a
				  written statement showing the name and EIN number of the Venture Capital
				  Company, the name and Taxpayer/Employer Identification Number of the investor
				  and the total amount of the investment of the investor. This statement will be
				  furnished no later than January 31st of the year following the year of their
				  investment in the Venture Capital Company. A copy of this statement is to be
				  attached to the Oklahoma Income Tax Return of the investor in order to qualify
				  for the tax credit.
(c) The credit
				  may be used in the year of the original investment m the Venture Capital
				  Company and for the three succeeding years. This is a non-refundable credit and
				  may not be carried back to a year prior to obtaining the credit.
(d) The original investor may transfer the
				  credit without any limitation. This credit may also be transferred by the
				  transferee at any time during the period that the credit is available for use.
				  The transferred credit may only be used from the time of the transfer forward
				  and is limited to the original qualifying period. [
See:
68 O.S.
				  §
										2357
				  ]
(e) An example of the application
				  of the venture capital company credit is as follows:
Example: A makes an investment in a Qualified Venture
					 Capital Plan in 1989 of $20,000.00, receiving a tax credit of $4,000.00. In
					 1989, A utilizes $1,000 of the tax credit, and has available $3,000.00 for the
					 succeeding three years. In 1990, A transfers to B $1,000.00 of the remaining
					 credit, leaving A with a remaining credit of $2,000.00, which can be utilized
					 in 1990 - 1992. In 1990, B utilizes $250.00 of the $1,000.00 credit. (B cannot
					 use any of the credit for a prior year, however, B may now transfer this credit
					 to C or to any other taxpayer if B is unable to utilize the remaining credit.)
					 B may use the remaining $750.00 credit only in the years 1991 and 1992, the
					 remainder of the original qualifying period. A may utilize or transfer all or
					 any portion of A's remaining credit in the years 1990 - 1992.
Amended at 9 Ok Reg
					 3031, eff 7-13-92
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 7 - CREDITS AGAINST TAX › Section 710:50-15-78 - Qualification as a venture capital company

Current through Vol. 41, No. 20, July 1, 2024
(a) The venture capital credit is an income
				  tax credit for the investment in qualified venture capital companies.
(b) To qualify as a venture capital company,
				  capitalization must be at a level of at least five million dollars.
				  Capitalization may consist of cash and/or property or debt obligations. Each
				  venture capital company claiming something other than cash to meet the
				  qualification will be closely examined for compliance with statute and with the
				  Rules of the Oklahoma Tax Commission. Effective for capitalization after
				  January 1, 1999, seventy-five percent (75%) of a Venture Capital Company's
				  funds must be invested in Oklahoma business ventures.
(c) The tax credit allowed shall be twenty
				  percent (20%) of the cash amount invested; for example: Investors contribute
				  three million in cash and use debt obligation of two million to qualify as a
				  venture capital company. The tax credit will be limited to twenty percent (20%)
				  of three million, or $600,000.00.
(d) No qualified establishment, nor its
				  contractors or subcontractors, that has received or is receiving an incentive
				  payment pursuant to Section 3601 et seq. of the Oklahoma Statutes, (Oklahoma
				  Quality Jobs Program Act), or Section 3901 et seq. of the Oklahoma Statutes,
				  (Small Employer Quality Jobs Incentive Act), shall be eligible to receive the
				  credit described in this Section in connection with the activity and
				  establishment for which incentive payments have been, or are being received.
[See:
68 O.S. §§
										3607,
				  3909
				  ]
Amended at 11 Ok Reg
					 555, eff 11-10-93 (emergency); Amended at 11 Ok Reg 3497, eff 6-26-94; Amended
					 at 15 Ok Reg 2811, eff 6-25-98; Amended at 16 Ok Reg 2646, eff
					 6-25-99
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 7 - CREDITS AGAINST TAX › Section 710:50-15-79 - Health insurance tax credit [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 10 Ok Reg
					 3837, eff 7-12-93; Amended at 11 Ok Reg 555, eff 11-10-93 (emergency); Amended
					 at 11 Ok Reg 3497, eff 6-26-94; Amended at 15 Ok Reg 2811, eff 6-25-98; Revoked
					 at 19 Ok Reg 2433, eff 6-27-02
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 7 - CREDITS AGAINST TAX › Section 710:50-15-80 - Credit for wind or photovoltaic energy systems [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 11 Ok Reg
					 555, eff 11-10-93 (emergency); Added at 11 Ok Reg 3497, eff
					 6-26-94
Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 7 - CREDITS AGAINST TAX › Section 710:50-15-81 - Credit for qualified clean-burning motor vehicle fuel property

Current through Vol. 41, No. 20, July 1, 2024
(a)
Definitions.
The following words and terms, when used in this
				  Section, shall have the following meaning, unless the context clearly indicates
				  otherwise:
(1)
"Motor
vehicle"
means a motor vehicle originally
				  designed by the manufacturer to operate lawfully and principally on streets and
				  highways
. [
See:
68 O.S. § 2357.22(C)] "Vehicle"
				  shall not mean conveyor belts, forklifts, riding mowers, tractors, or other
				  similar items.
(2)
"Qualified
				  clean-burning motor vehicle fuel property"
means as defined in Section
				  2357.22 of Title 68 of the
				  Oklahoma Statutes.