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Oklahoma: Emergency Rules Reflect Option for Immediate & Full Expensing of Qualified Property
Emergency New 710:50-15-69.1; Emergency Amended 710:50-17-51; Emergency New 710:50-19-5; Emergency Amended 710:50-21-1, Okla. Tax Comm. (9/27/22). The Oklahoma Tax Commission issued emergency new and amended rules implementing legislation enacted earlier this year [see H.B. 3418 (2022), and State Tax Matters, Issue 2022-22, for more details on this new law], which generally allows 100% bonus depreciation or full expensing for Oklahoma corporate income tax purposes on eligible “qualified property” or “qualified improvement property” (QIP) under Internal Revenue Code section 168, applicable for taxable years beginning after December 31, 2021, for electing Oklahoma taxpayers with eligible property. These emergency rules are effective through September 14, 2023, “unless superseded by another rule or disapproved by the Legislature.” Please contact us with any questions.
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