Income tax; exempting certain income from taxable income. Effective date.

SB 100 amends Oklahoma's income tax code to clarify how taxpayers adjust taxable income for certain federally or constitutionally exempt income. It specifies that taxpayers may deduct amounts included in income that Oklahoma is prohibited from taxing due to federal or state law restrictions. This technical update affects all Oklahoma taxpayers (individuals and corporations) who have income subject to federal or constitutional exemptions. The bill does not create new tax exemptions but refines the existing adjustment process described in Section 2358 of the tax code.