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

SB 383 amends Oklahoma's tax code to update how businesses calculate taxable income, specifically adjusting rules for net operating loss deductions and income allocation. It clarifies how income from sources like real property rentals, intangible assets (e.g., interest, royalties), and business operations across state lines should be allocated for tax purposes. The bill updates statutory language to align with current federal tax rules, particularly for businesses with multi-state operations. It directly affects businesses operating in Oklahoma and other states, as it changes how their Oklahoma tax liability is calculated based on income sourced within the state. The changes aim to modernize tax administration without creating new tax exemptions.