Revenue and taxation; standard deduction amounts; effective date.

HB 2199 modifies Oklahoma's tax code to adjust how taxable income is calculated for individuals and corporations. It specifically revises rules for net operating loss deductions (allowing businesses to carry forward losses under updated state-specific formulas) and clarifies how income from property (like rents, royalties, or investments) is allocated across states. The bill affects Oklahoma taxpayers with income from out-of-state sources, businesses using federal loss carryforwards, and entities operating across multiple jurisdictions. Key changes include updating loss carryback periods and refining allocation methods for property income to align with federal tax principles. The bill takes effect for tax years beginning after December 31, 2024.