Okla. Stat. tit. 68, § 68-2358.4: Adjustment for individuals engaged in farming business

A. For taxable years beginning after December 31, 2000, at the

election of an individual engaged in a farming business, the tax

imposed by Section 2355 of Title 68 of the Oklahoma Statutes for

such taxable year shall be equal to the sum of:

1. A tax computed under such section on taxable income reduced

by elected farm income; and

2. The increase in tax imposed by Section 2355 of Title 68 of

the Oklahoma Statutes which would result if taxable income for each

of the three (3) prior taxable years were increased by an amount

equal to one-third (1/3) of the elected farm income.

Any adjustment under this section for any taxable year shall be

taken into account in applying this section for any subsequent

taxable year.

B. As used in this section:

1. "Elected farm income" means so much of the taxable income

for the taxable year which is attributable to any farming business,

and which is specified in the election under subsection A of this

section. For purposes of this paragraph, a gain from the sale or

other disposition of property, other than land, regularly used by

the taxpayer in such a farming business for a substantial period

shall be treated as attributable to such a farming business;

2. "Individual" shall not mean or include any estate or trust;

and

3. "Farming business" shall have the same meaning as the term

is defined in the Internal Revenue Code, 26 U.S.C., Section

263A(e)(4).

C. The Oklahoma Tax Commission shall promulgate any necessary

rules to implement the provisions of this section.