Income tax; exempting certain income from taxable income. Effective date.

SB 100 amends Oklahoma's income tax code to adjust how taxable income is calculated for individuals and corporations. It requires adding interest income from state or local government obligations (not already exempt) to taxable income, while also deducting amounts the state cannot tax due to federal or constitutional restrictions. The bill further modifies how federal net operating loss deductions are calculated, including specific rules for carryovers and allocations based on property location. This directly affects Oklahoma taxpayers and businesses when determining their state tax liability. The changes aim to align Oklahoma tax calculations with federal rules while updating statutory references.