Oklahoma Governor Signs Law Providing Corporate Income Tax Deduction for Cost of Qualified Assets Expenditures

The Oklahoma Governor May 26 signed a law providing a corporate income tax deduction for the cost of business asset expenditures. The law includes measures: 1) providing taxpayers an option for immediate and complete expensing for qualified property and qualified improvement property; 2) allowing 100 percent bonus depreciation on expenditures for business assets that are qualified property or qualified improvement property covered under Section 168 of the Internal Revenue Code (IRC) for the purpose of computing income tax for taxable years beginning after Dec. 31, 2021; 3) conforming with the IRC; 4) defining “Internal Revenue Code,” “Tax Cuts and Jobs ...