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

SB 297 amends Oklahoma's tax code (68 O.S. § 2358) to adjust how taxable income is calculated for state tax purposes. It updates provisions related to federal net operating loss deductions, clarifying how Oklahoma handles carryovers and carrybacks of losses for tax years beginning after 2000. The bill also refines rules for allocating income from property (real, tangible, or intangible) and business activities to align with current federal tax law. This is a procedural update to existing tax code language, not a new exemption or policy change.