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Oklahoma Tax Deduction Cap Workaround Signed Into Law

April 30, 2019, 9:56 PM

Oklahoma is the latest state to join the ranks of those with workarounds to the federal cap on deductions for state and local taxes paid.

Oklahoma Gov. Kevin Stitt (R) signed H.B. 2665 into law April 29, creating an optional pass-through entity tax with an offsetting income tax exclusion beginning in the 2019 tax year.

  • Members who are natural persons would be subject to the highest Oklahoma marginal income tax rate of 5 percent, according to the bill summary. Members that are C corporations and pass-throughs would be subject to a rate of 6 percent, according to the bill. ...

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