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

SB 1986 updates Oklahoma's income tax code to clarify how taxpayers adjust federal net operating loss deductions when calculating Oklahoma taxable income. It modifies Section 2358 to specify that for tax years beginning after 2000, Oklahoma net operating losses must be separately calculated under state law, not federal rules, and adjusts carryback periods for certain years. This primarily affects businesses and individuals claiming net operating loss deductions on their Oklahoma tax returns. The bill makes technical updates to statutory language and references but does not create new tax exemptions.