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

SB 297 amends Oklahoma's income tax code to adjust how taxable income is calculated. It requires adding interest income from state or local government bonds (which was previously excluded) to taxable income, and allows deductions for income the state cannot tax due to federal or constitutional restrictions. This affects all Oklahoma taxpayers with these specific income types, including individuals and businesses. The bill updates legal references and clarifies how federal tax rules apply to Oklahoma's net operating loss carryovers. The changes take effect immediately upon enactment.