Income tax; modifying certain apportionment factors for determining Oklahoma taxable income for certain tax years. Effective date.

SB 60 updates Oklahoma's rules for calculating taxable income for corporations and individuals. It modifies how income from different sources - like property, business activities, and net operating losses - is allocated to determine state tax liability. Specifically, it adjusts rules for deducting federal net operating losses and allocates income from intangible property or manufacturing sales based on specific factors. This bill affects Oklahoma taxpayers who file state income tax returns, ensuring alignment with federal tax code references.