Income/Franchise:
Oklahoma: Proposed Rule Amendments Incorporate New Legislation Regarding Election to Expense Qualified Improvement Property
Proposed Amended Reg. sections 710:50-15-69.1, 710:50-17-51, 710:50-19-5 and 710:50-21-1 and Proposed New Reg. section 710:50-21-5, Okla. Tax Comm. (11/27/23). The Oklahoma Tax Commission proposed administrative rule amendments reflecting legislation enacted earlier this year [see S.B. 602 (2023), and State Tax Matters, Issue 2023-22, for more details on this new law] providing that when an Oklahoma taxpayer elects to immediately and fully expense a qualified business expense on eligible “qualified property” or “qualified improvement property” (QIP) under state law [see H.B. 3418 (2022), and State Tax Matters, Issue 2022-22, for more details on this Oklahoma election], any depreciation claimed for state tax purposes may not duplicate the same amount reported on the taxpayer’s federal income tax return. A related public hearing is scheduled for January 16, 2024, and comments are due by January 17, 2024. Please contact us with any questions.
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