Oklahoma § 68-2358.5 - Interest on certain governmental obligations exempt

§ 68-2358.5. Interest on certain governmental obligations exempt

from income tax.

A. Interest on local governmental obligations issued after the

effective date of this act for purposes other than to provide

financing for projects for nonprofit corporations shall be exempt

from Oklahoma income taxation. For these purposes, local

governmental obligations shall include bonds or notes issued by, or

on behalf of, or for the benefit of Oklahoma educational

institutions, cities, towns, or counties or by public trusts of

which any of the foregoing is a beneficiary.

B. Interest on governmental obligations issued by the Oklahoma

Department of Transportation after the effective date of this act

for purposes of highway construction and maintenance shall be exempt

from Oklahoma income taxation.

Added by Laws 2000, c. 351, § 12, eff. July 1, 2001. Amended by

Laws 2002, c. 290, § 1, eff. July 1, 2002.

NOTE: Editorially renumbered from § 2358.4 of this title to avoid

duplication in numbering.

Oklahoma Statutes - Title 68. Revenue and Taxation

§68-2358.5-1. Deduction for fostering children.

For taxable years beginning on or after January 1, 2019, there

shall be allowed a deduction for a taxpayer who contracts with a

child-placing agency, as defined in Section 402 of Title 10 of the

Oklahoma Statutes, in the amount of Five Thousand Dollars

($5,000.00) for expenses incurred to provide care for a foster

child. Provided:

1. In order to qualify, a taxpayer shall have been under

contract and providing care for at least six (6) months, regardless

of the tax year during which the care occurs;

2. If the time period during which a taxpayer is under contract

and providing care is equal to less than six (6) months of the tax

year for which the deduction is being claimed, the taxpayer shall

only claim a monthly pro rata share of the annual Five Thousand

Dollars ($5,000.00) deduction; and

3. Any married persons filing separately in a year in which

they could have filed a joint return may each claim only one-half

(1/2) of the tax deduction that would have been allowed for a joint

return.

Added by Laws 2013, c. 352, § 1, eff. Jan. 1, 2014. Amended by Laws

2014, c. 412, § 1, emerg. eff. June 3, 2014; Laws 2019, c. 264, § 1,

eff. Nov. 1, 2019.

§68-2358.5A. Obligations issued by state and certain state agencies

exempt from taxation.

A. All bonds, notes, debentures, evidences of indebtedness,

lease purchase agreements, certificates of participation, commercial

paper, or other obligations issued by the State of Oklahoma, the

Oklahoma Capitol Improvement Authority, the Oklahoma Municipal Power

Authority, the Oklahoma Student Loan Authority, and the Oklahoma

Transportation Authority, the income therefrom, including, without

limitation, any profit made on the sale thereof, and the transfer

thereof, including, without limitation, estate or inheritance taxes,

shall at all times be free from taxation within this state.

B. The provisions of this section shall be supplemental to, and

not limiting or restrictive of, any law involving the taxation of

such obligations within the State of Oklahoma.

Added by Laws 2006, c. 327, § 6, eff. July 1, 2006.