Income tax; modifying certain apportionment factors for determining Oklahoma taxable income for certain tax years. Effective date.

SB 60 modifies how Oklahoma calculates taxable income for businesses and individuals by updating rules for allocating income and handling net operating losses. It specifically adjusts how businesses can carry forward or back losses for tax years beginning after 2007, aligning Oklahoma's rules more closely with federal tax code while keeping state-specific terms. The bill affects Oklahoma taxpayers with income from multiple states, particularly those with cross-state operations or net operating losses. Key changes include clarifying how income from property (real or intangible) is allocated and updating loss carryover rules to match federal timelines. These adjustments ensure Oklahoma's tax calculations remain consistent with current federal standards.