Income tax; limiting certain capital gains deduction to certain tax years. Effective date.

SB 48 amends Oklahoma's income tax code (Section 2358) to clarify how taxpayers can carry forward or back net operating losses. It specifies that for tax years beginning after December 31, 2008, Oklahoma net operating loss carryback periods must follow federal rules (Section 172 of the Internal Revenue Code), using Oklahoma-specific terms like "Oklahoma net operating loss" instead of federal terminology. This change primarily affects businesses and individuals with tax losses who seek to offset future or prior-year income. The bill updates statutory language to align Oklahoma tax rules more closely with federal loss carryover provisions.