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Oklahoma
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Details:
• The percentage for the Civil Service Retirement in Lieu of Social Security exclusion has increased.
• The income limits for the Other Retirement Income exclusion have increased.
• The Oklahoma Standard Deduction amounts have increased.
• The Oklahoma Capital Gain Deduction hs been expanded.
• New motor vehicle taxes claimed as an itemized deduction on your Federal Schedule A, line 7 must be added back to arrive at your Oklahoma itemized deductions.
• Unemployment compensation exempt from Federal tax must be added back.
• A payment of less than $600 received as an award for participation in a competitive livestock show is deductible.
• The $5,000 death benefit paid to the beneficiary of an Emergency Medical Technician (EMT) who dies in the line of duty is exempt.
• There is a new credit for qualified employees in the aerospace sector. |
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Government Link:
http://www.tax.ok.gov/it2009/511-PKT-09.pdf
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