{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2358.6","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2358.6","heading":"Bonus depreciation received under federal law -","body":"Addition to federal taxable income - Subtraction in later years.\n\nA. For income tax returns filed after September 10, 2001, by\n\ncorporations and fiduciaries, federal taxable income shall be\n\nincreased by eighty percent (80%) of any amount of bonus\n\ndepreciation received under the federal Job Creation and Worker\n\nAssistance Act of 2002, under Section 168(k) or Section 1400L of the\n\nInternal Revenue Code of 1986, as amended, for assets placed in\n\nservice after September 10, 2001, and before September 11, 2004.\n\nB. For income tax returns filed after December 31, 2007, by\n\ncorporations and fiduciaries, federal taxable income shall be\n\nincreased by eighty percent (80%) of any amount of bonus\n\ndepreciation received under the federal Economic Stimulus Act of\n\n2008, or under the American Recovery and Reinvestment Act of 2009,\n\nunder Section 168(k) or Section 1400L of the Internal Revenue Code\n\nof 1986, as amended, for assets placed in service after December 31,\n\n2007, and before January 1, 2010.\n\nC. For a corporation with a unitary business having activity\n\nboth inside and outside the state, the increase shall be apportioned\n\nto Oklahoma in the same manner as income is apportioned to the state\n\nunder Section 2358 and Section 2362 of this title.\n\nD. The amount of bonus depreciation added to federal taxable\n\nincome by this section shall be subtracted in a later taxable year\n\nas herein provided. Twenty-five percent (25%) of the total amount\n\nof bonus depreciation added back may be subtracted in the first\n\ntaxable year following the year of the addition and twenty-five\n\npercent (25%) may be subtracted in each of the next three following\n\ntaxable years.\n\nE. A corporation or fiduciary filing a return for which federal\n\ntaxable income is not increased as provided in subsection A of this\n\nsection prior to October 1, 2002, shall file an amended return\n\nreflecting such increase not later than June 30, 2003. The Oklahoma\n\nTax Commission shall not assess penalties or interest with respect\n\nto the failure to reflect such increase if a correct amended return\n\nis filed as required herein. A corporation or fiduciary filing a\n\nreturn for which federal taxable income is not increased as provided\n\nfor in subsection B of this section prior to October 1, 2008, shall\n\nfile an amended return reflecting such increase not later than June\n\n30, 2009. The Tax Commission shall not assess penalties or interest\n\nwith respect to the failure to reflect such increase if a correct\n\namended return is filed as required herein.","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":"ecfe327d8dc85b8e29ac628fe46ac09082774bfb8de8fca2e8bdf3a4a99c2723","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2358.5a","next":"us-ok/okla.-stat.-tit.-68-68-2358.6a"},"notice":"GroundRules: Original legal text. Not legal advice."}