HB 2646: Revenue and taxation; adjustments; wagering; tax year; effective date. - Oklahoma

Floor (House) → Floor (Senate) · 3 edits

MINOR

This bill version was amended to reflect changes made during Senate floor consideration, primarily updating the document header and adding a new provision regarding how capital gains from selling publicly traded partnership interests are taxed. The substantive tax calculation rules remain largely the same, but the Senate version adds specific language about how these partnership gains should be treated in apportionable income.

Scope change

The bill's scope remains focused on Oklahoma state income tax calculations, but the Senate amendment adds a specific rule for taxing gains from publicly traded partnerships, potentially affecting how investors in these entities are taxed.

TECHNICAL

Document headers and formatting were updated to reflect Senate floor version rather than House floor version, including adding the Senate sponsor name and changing page headers.

REQUIREMENT

Added a new provision (subparagraph 2) specifying that capital or ordinary gains or losses from selling ownership interests in publicly traded partnerships must be included in apportionable income for tax years beginning after December 31, 2003.

DEFINITION

The definition of how partnership interests are treated was expanded to include specific reference to publicly traded partnerships as defined by federal Internal Revenue Code Section 7704(b).

House Committee Substitute → Floor (House) · 1 edit

MINOR

The bill text was reformatted from a 'Committee Substitute' version to a 'Floor Version' with minor structural changes. The substantive policy content regarding Oklahoma tax adjustments remains unchanged, with no new provisions, definitions, or requirements added or removed.

TECHNICAL

Header and page numbering were updated to reflect the Floor Version format, with committee amendments now marked in bold face.

Proposed Policy Committee Substitute 1 → House Committee Substitute · 4 edits

MODERATE

The bill was amended to update formatting and statutory references, remove the 'Proposed Policy' designation, and add new allocation rules for partnership income and capital gains. These changes clarify how certain investment income is taxed in Oklahoma and ensure the bill's language aligns with current legal standards.

Scope change

The bill's scope was expanded to include specific allocation rules for publicly traded partnerships and capital gains from taxable years beginning after December 31, 2003.

TECHNICAL

Removed 'Proposed Policy Committee Substitute' designation and updated bill title to 'Committee Substitute'.

DEFINITION

Added new statutory language defining how undistributed income is treated for resident estates and how capital gains from publicly traded partnerships are allocated.

REQUIREMENT

Added requirement that capital or ordinary gains/losses from publicly traded partnerships be allocated based on the ratio of tangible property in Oklahoma to tangible property everywhere.

TIMELINE

Updated page reference numbers and formatting throughout the document.

Enrolled (final version) → Proposed Policy Committee Substitute 1 · 4 edits

MODERATE

The bill was amended to replace the entire text with a cleaner version that removes formatting inconsistencies and consolidates the statutory language. The substantive tax policy content regarding income adjustments, net operating loss calculations, and income allocation rules remains unchanged.

TECHNICAL

Removed the 'Enrolled' designation and replaced with 'Proposed Policy Committee Substitute' status, indicating this is a working version before final passage

Deleted redundant committee amendment headers and formatting artifacts from the enrolled bill version

Reorganized the bill structure to conform to standard committee substitute format with proper page numbering and section headers

POLICY

Core tax provisions regarding income adjustments, net operating loss carryovers, and property income allocation remain substantively identical

Engrossed → Enrolled (final version) · 4 edits · May 28, 2025

MODERATE

The bill was finalized and enrolled for passage, with minor formatting and sponsorship corrections (Fugate added to House sponsors). The substantive tax law content remains largely unchanged from the engrossed version, though the section reference number was updated from 2358 to 2358v3 and the title was expanded to include wagering loss itemization updates.

Scope change

No substantive scope change; the bill continues to govern Oklahoma income tax adjustments for corporations and individuals with the same effective dates and rules.

TECHNICAL

Section reference updated from 68 O.S. 2021, Section 2358 to 68 O.S. 2021, Section 2358v3 in the enrolled version.

House sponsor name corrected to include 'Fugate' alongside Fetgatter and Senate sponsor Frix.

Added formal 'An Act' title language and expanded subject line to include wagering loss itemization updates and statutory language updates.

Removed bracketed subject line text from the engrossed version.

Amended And Engrossed → Engrossed · 3 edits · May 28, 2025

MINOR

The amendment replaces the Senate version of the bill with the House version, updating the title and enacting clause to reflect House passage. It adds new tax allocation rules for gains from selling interests in publicly traded partnerships, requiring gains to be allocated to the state based on the partnership's tangible property location.

Scope change

The bill now applies to taxable years beginning after December 31, 2003, and introduces specific allocation rules for publicly traded partnership gains based on tangible property location.

SCOPE

New provision allocating capital or ordinary gains from selling publicly traded partnership ownership interests to the state based on the ratio of tangible property located in the state versus everywhere.

ELIGIBILITY

Applies to taxable years beginning after December 31, 2003.

ENFORCEMENT

Changed from Senate amendment format to House version with updated passage dates and presiding officer signatures.

Introduced → Amended And Engrossed · 5 edits · May 28, 2025

MODERATE

The bill was amended to change its title and enacting clause, replacing the original 'Oklahoma Revenue and Taxation Act of 2025' with a more specific focus on wagering and tax adjustments. The amendment also updates the effective date and modifies how taxable income is calculated, particularly regarding interest income and deductions prohibited by federal or state constitutions.

Scope change

The bill's scope was expanded to include wagering-related tax adjustments and clarified how federal net operating losses are treated in Oklahoma tax calculations.

SCOPE

Changed the bill title from 'Oklahoma Revenue and Taxation Act of 2025' to include wagering and tax adjustments in the description

REQUIREMENT

Added specific rules for calculating taxable income, including adding interest income from state obligations and deducting amounts prohibited from taxation by federal or state constitutions

TIMELINE

Updated the effective date and modified how net operating loss deductions are calculated for different tax year periods

DEFINITION

Added detailed allocation rules for income from real property, tangible personal property, and intangible personal property

TECHNICAL

Removed the original enacting clause and replaced it with an amendment clause referencing the Oklahoma Statutes

Revenue and taxation; adjustments; wagering; tax year; effective date.

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