Members have been passing information back and forth about House Bill 2667. OSCPA President and CEO Blaine Peterson, CPA, JD, offered the following update:
HB 2667, which would exclude gambling losses from the Oklahoma itemized deduction limitation, passed the Senate Finance Committee by an 8-0 vote on April 2, 2019. However, the Committee struck the enacting clause from the bill, thereby sending the bill to a conference committee. If the conference committee agrees on the final language for the bill, it would then go to the floor of both the House and Senate for approval.
Effectively, this reduces the likelihood that the bill will pass this session and, almost certainly, will not happen prior to April 15. Several tax preparers indicated they were considering delaying completion of returns with gambling losses in hopes of passage of this bill.
On a related note, HB 2665, creating an alternative to the State and Local Tax (SALT) limitation, is following a similar path after its bill title was stricken in the same Senate Finance Committee meeting.
Based on the amount of interest these bills have generated, we will update you as they progress.
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