SB 48 Oklahoma Senate · 2026 Regular Session

Income tax; limiting certain capital gains deduction to certain tax years. Effective date.

SB 48 limits when Oklahoma taxpayers can deduct certain capital gains from their state income tax. It specifically restricts the deduction for "qualifying gains receiving capital treatment" to only certain tax years, affecting individuals and businesses with capital gains transactions. The bill amends Oklahoma's tax code (68 O.S. 2021, Section 2358) to update the rules governing these deductions, ensuring they align with specific tax year parameters. This change modifies how capital gains are treated for state tax purposes without altering federal tax rules.

Issues: ✗ Budget & Taxes

Bill status passed 3 of 5 stages cleared

Introduction

Feb 2025

Committee Review

Feb 2025

Senate Passage

Mar 2025

House Passage

Governor

Introduced Feb 3, 2025 Last action Mar 27, 2025

Maddy AI version diff · 1 comparison

What changed between versions

Introduced → Floor (Senate) · 4 edits

MODERATE

The bill text was reformatted from an introduced version to a Senate floor version, incorporating committee amendments. The substantive policy content regarding income tax adjustments and net operating loss rules remains consistent, though the floor version adds specific language clarifying how interest from unitary businesses is treated and defining the situs for trusts and estates.

TECHNICAL

The document structure was updated to reflect the Senate floor version, including new page headers and footers indicating committee amendments.

The text regarding capital gains allocation was truncated in the provided snippet, cutting off before the full definition of the rule for taxable years after December 31, 2003.

DEFINITION

New text was added to specify that interest income from investments held for a unitary business is included in apportionable income.

New text was added to establish that resident trusts and estates have a separate commercial or business situs for undistributed income but not for distributed income.

Floor votes · Senate Mar 27, 2025

How they voted

31–13

Passed · 5 other

Total votes 49

Mar 27, 2025

D Democratic9

8 Yea 1 Nay

88% Yea

R Republican40

23 Yea 12 Nay 5

57% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Mar 27, 2025

Upper · Passed

Motion to reconsider vote adopted: Ayes: 30 Nays: 12

upper

Mar 25, 2025

Introduced

General Order, Amended

upper

Feb 10, 2025

Upper · Passed

Reported Do Pass Revenue and Taxation committee; CR filed

upper

Feb 3, 2025

Introduced

First Reading

upper

2 primary · 0 co-sponsors