Oklahoma Amends Income Tax Deductions, Credits

The Oklahoma Tax Commission amended Okla. Admin. Code Sections 710:50-3-1, 710:50-15-50, 710:50-3-53 et al. and revoked Okla. Admin. Code Sections 710:50-15-75, 710:50-15-82, 710:50-15-84 et al., on corporate income and individual income tax credits and deductions. Among other changes, the amendments: 1) limit the Oklahoma standard deduction to the amount of the tax year 2017 federal standard deduction; 2) implement the provisions of S.B. 225, exempting certain entities from the income tax withholding requirement; 3) clarify that the “barred by statute” provisions apply to non-individual returns; 4) revoke an income tax credit for the reinvestment in film or music production costs; ...