Revenue and taxation; Senior Service Corps Act of 2025; adjustments to Oklahoma adjusted gross income and taxable income; support services; schools; effective date.

HB 1248, titled misleadingly as the "Senior Service Corps Act of 2025," actually amends Oklahoma's tax code to adjust how taxable income is calculated for individuals and corporations. It modifies rules for calculating Oklahoma taxable income, particularly changing how net operating losses (NOLs) are carried forward or backward, and specifies how income from different sources (like real property, investments, or business activities) should be allocated within the state. These changes directly affect all Oklahoma taxpayers who file state income tax returns, including individuals and businesses. The bill does not create new programs or services but adjusts existing tax computation rules to align with federal guidelines and state law.