Income tax; eliminating limitation on itemization of wagering losses for certain tax years. Effective date.

SB 108 removes a restriction that previously prevented Oklahoma taxpayers from deducting gambling losses on their state income tax returns for certain tax years. The bill amends Oklahoma’s tax code to allow taxpayers to itemize losses from wagering activities (like casino or sports betting) as deductions, aligning with federal tax treatment for these losses. This change directly affects individual taxpayers who incur gambling losses and file itemized deductions on their Oklahoma tax returns. The policy update simplifies the deduction process by eliminating the prior limitation, making it easier for eligible taxpayers to claim these losses.