Revenue and taxation; standard deduction amounts; effective date.

HB 2199 modifies Oklahoma's tax code to adjust how taxable income is calculated for both individuals and corporations. It specifically changes how the state handles federal tax deductions, net operating losses, and income from property (like rent or investments), requiring Oklahoma to separately calculate these based on the location of income sources. The bill affects all Oklahoma taxpayers by altering their adjusted gross income and taxable income computations under state law. It does not change standard deduction amounts but revises the rules for applying federal tax provisions to state tax returns. The bill is still in early legislative stages (first reading).