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2025 OK HB2194 (Summary) Revenue and taxation; retirement benefits; exemption; effective date.

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Bill Title: Revenue and taxation; retirement benefits; exemption; effective date. Spectrum: Partisan Bill (Republican 2-0) Status: (Introduced) 2025-02-24 - Recommendation to the full committee; …

An Act relating to revenue and taxation; amending 68 O.S. 2021, Section 2358, as last amended by Section 155, Chapter 452, O.S.L. 2024 (68 O.S. Supp. 2024, Section 2358), which relates to Oklahoma taxable income and adjusted gross income; providing exemption for certain retirement income amounts; and providing an effective date.

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One of the key provisions of HB 2194 is the adjustment of taxable income for corporations, particularly concerning technology transfers. The bill proposes that corporations transferring technology to eligible small businesses in Oklahoma can exempt a portion of their royalty payments from taxable income.

beginning after December 31, 1980, the amount of any net operating loss deduction allowed for the taxable year shall be an amount equal to the aggregate of the Oklahoma net operating loss carryovers and carrybacks . Oklahoma net operating losses shall be separately determined by reference to Section 172

Oklahoma HB2194 Revenue and taxation; retirement benefits; exemption; effective date.

House Bill 2194, introduced in the Oklahoma State Legislature on March 13, 2025, aims to amend existing tax regulations concerning retirement income. The bill, sponsored by Representative Wolfley and Senator Bullard, seeks to provide an exemption for certain retirement income amounts, thereby potentially reducing the taxable income for retirees ...