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SB 1086 - Repeals Capital Gains Deduction - Oklahoma Key Vote

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Title: Repeals Capital Gains Deduction

Vote Smart's Synopsis:

Vote to pass a bill that repeals the capital gains state income tax deduction, effective November 1, 2018.

Highlights:

 

  • Repeals the corporate capital gains state income tax deduction for tax years beginning after December 31, 2018 (Sec. 1).

  • Prohibits applying a capital gains deduction for gains resulting from the sale of certain property by corporations if such property is sold after July 1, 2018 (Sec. 1).

  • Repeals the individual capital gains state income tax deduction for tax years beginning after December 31, 2018 (Sec. 1).

  • Prohibits applying a capital gains deduction for gains resulting from the sale of certain property by individuals if such property is sold after July 1, 2018 (Sec. 1).

Full Bill Text

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