{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2358.4","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2358.4","heading":"Adjustment for individuals engaged in farming business","body":"A. For taxable years beginning after December 31, 2000, at the\n\nelection of an individual engaged in a farming business, the tax\n\nimposed by Section 2355 of Title 68 of the Oklahoma Statutes for\n\nsuch taxable year shall be equal to the sum of:\n\n1. A tax computed under such section on taxable income reduced\n\nby elected farm income; and\n\n2. The increase in tax imposed by Section 2355 of Title 68 of\n\nthe Oklahoma Statutes which would result if taxable income for each\n\nof the three (3) prior taxable years were increased by an amount\n\nequal to one-third (1/3) of the elected farm income.\n\nAny adjustment under this section for any taxable year shall be\n\ntaken into account in applying this section for any subsequent\n\ntaxable year.\n\nB. As used in this section:\n\n1. \"Elected farm income\" means so much of the taxable income\n\nfor the taxable year which is attributable to any farming business,\n\nand which is specified in the election under subsection A of this\n\nsection. For purposes of this paragraph, a gain from the sale or\n\nother disposition of property, other than land, regularly used by\n\nthe taxpayer in such a farming business for a substantial period\n\nshall be treated as attributable to such a farming business;\n\n2. \"Individual\" shall not mean or include any estate or trust;\n\nand\n\n3. \"Farming business\" shall have the same meaning as the term\n\nis defined in the Internal Revenue Code, 26 U.S.C., Section\n\n263A(e)(4).\n\nC. The Oklahoma Tax Commission shall promulgate any necessary\n\nrules to implement the provisions of this section.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"2892d4f369d0637d8816e5d14dd75d63102857ebb64a16f18ab05fa1b9252a65","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2358.1a","next":"us-ok/okla.-stat.-tit.-68-68-2358.5"},"notice":"GroundRules: Original legal text. Not legal advice."}