Revenue and taxation; income tax; deduction; potable water; natural gas; electricity; effective date.

HB 4480 amends Oklahoma's income tax code to allow a deduction for certain taxpayers who pay for natural gas, electricity, or potable water services. This deduction directly affects individual and business taxpayers who incur these utility expenses. The bill adjusts Oklahoma taxable income calculations to include this specific deduction, aligning with existing tax code provisions. It does not create new tax rates or broadly alter tax structures, but modifies how certain utility payments are treated in taxable income calculations. The bill is currently in committee referral after its initial readings.