Income tax; exempting certain income tax refunds from taxation. Effective date.

SB 46 amends Oklahoma's tax code (68 O.S. § 2358) to update how the state calculates taxable income by adjusting federal figures. It clarifies rules for deducting amounts Oklahoma cannot tax due to federal or constitutional constraints and revises how Oklahoma handles federal net operating loss deductions. The bill does not create new exemptions for tax refunds but refines the technical process for aligning state tax calculations with federal rules. This change affects all Oklahoma taxpayers when determining their state taxable income. The amendment updates statutory language and references, with an effective date specified in the bill.