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

HB 2194 amends Oklahoma's tax code to adjust how taxable income and adjusted gross income are calculated for state tax purposes. It modifies rules for net operating loss deductions (including carryover periods and allocation methods), adds interest income from state/local obligations to taxable income, and establishes specific allocation rules for income from real property, intangible assets, and business activities based on geographic situs. The bill directly affects businesses and individuals calculating Oklahoma income tax by changing how federal tax adjustments and income sources are treated. These changes aim to align Oklahoma's tax calculations more closely with federal rules while maintaining state-specific provisions.