OklahomaOklahoma itemizers could exclude wagering losses from deduction cap
Starting with tax year 2027, Oklahoma itemizers would leave federally deductible wagering losses out of the $17,000 limit on itemized deductions.
What it does
For tax years starting in 2027, itemizers would leave federally deductible wagering losses out of Oklahoma’s $17,000 limit on itemized deductions.
Argument forItemizers with federally deductible wagering losses could claim those losses without using room under Oklahoma’s $17,000 deduction cap.
Argument againstExcluding deductible wagering losses from the cap could lower some taxpayers’ taxable income and reduce state income tax collections.
More detail
Oklahoma itemizers would exclude eligible wagering losses from the deduction cap. This applies to individuals claiming itemized deductions on an Oklahoma income tax return. The losses must be deductible under federal law. The exception applies to tax years beginning on or after January 1, 2027. The act’s stated effective date is January 1, 2027.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- May 14Filed with Secretary of StateLatest
- Vote recorded Veto Override No Emergency. Result: pass.Upper
- May 14Measure sent to House
- May 14Veto overridden: Ayes: 35 Nays: 10Major
- May 6To Senate
- Vote recorded Veto Override Without Emer. Result: pass.Lower
- May 6Veto overridden: Ayes: 68 Nays: 15Major
- May 4Vetoed 05/01/2026Major
- Apr 28Sent to GovernorTo Governor
- Vote recorded Third Reading. Result: pass.Upper
- Apr 28Enrolled measure signed, returned to House
- Apr 28Enrolled, signed, to Senate
- Apr 28Referred for enrollment
- Apr 28Engrossed measure signed, returned to HouseMajor
- Apr 28Measure passed: Ayes: 38 Nays: 9Major
- Apr 28Amendment restored bill to engrossed versionMajor
- Apr 28Title restored
- Apr 28General Order, Amended
- Apr 22Placed on General Order
- Apr 20Title stricken
- Vote recorded Rules. Result: pass.Upper
- Apr 20Reported Do Pass as amended Rules committee; CR filedMinor
- Apr 16Referred to RulesMinor
- Apr 16Withdrawn from Appropriations committee
- Apr 16Withdrawn from Revenue and Taxation committee
- Apr 1Second Reading referred to Revenue and Taxation Committee then to Appropriations CommitteeMinor
- Mar 16Coauthored by Representative Menz
- Mar 16First ReadingMinor
- Mar 16Engrossed, signed, to SenatePassed Senate
- Mar 11Referred for engrossment
- Vote recorded Third Reading. Result: pass.Lower
- Mar 11Third Reading, Measure passed: Ayes: 70 Nays: 15Passed House
- Mar 11Coauthored by Representative(s) Fugate
- Mar 11General Order
- Feb 18Authored by Senator Paxton (principal Senate author)
- Feb 18CR; Do Pass, amended by committee substitute Appropriations and Budget CommitteeMinor
- Feb 17
- Vote recorded Appropriations And Budget Committee: Do Pass As Amended By Cs. Result: pass.Lower
- Feb 4Referred to Appropriations and BudgetMinor
- Feb 4Withdrawn from Rules Committee
- Feb 3Second Reading referred to RulesMinor
- Feb 2Authored by Representative Hilbert
- Feb 2First ReadingIntroduced
- May 14Filed with Secretary of StateLatest
Taxes & Budget