Income tax; exempting certain income tax refunds from taxation. Effective date.

SB 46 amends Oklahoma's income tax code to adjust how taxable income is calculated for individuals and corporations. It requires subtracting amounts the state cannot tax due to federal or constitutional restrictions (e.g., certain interest income) when determining Oklahoma adjusted gross income. This change affects all Oklahoma taxpayers by modifying how their federal tax calculations align with state tax rules. The bill does not exempt tax refunds but adjusts the calculation method for taxable income under Section 2358 of Oklahoma law.