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Details:
• Increased:The Oklahoma Standard Deduction now equals the basic Federal Standard Deduction.
• All individual refunds will be either directly deposited into a bank account or issued on a debit card. Paper refund checks will no longer be issued.
• The percentage for federal Civil Service Retirement in Lieu of Social Security exclusion has increased from 80% to 100%.
• Military Pay exclusion – Effective July 1, 2010 the active duty military pay exclusion was increased from $1,500 to 100%.
• Effective July 1, 2011 - Any credit claimed on Form 511CR which was received as a result of a transfer or allocation will be disallowed if Form 569 was not filed to report the transfer or allocation.
• Non refundable Credits have been added to form 511 CR. (Credit for Cancer Research Contribution & Oklahoma Capital Investment Board Tax Credit)
• Check Offs -
1. Support Oklahoma Honor Flights – Corporate and individual taxpayers have the opportunity to donate any amount of a tax refund to support Oklahoma Honor Flights. Oklahoma Honor Flights is a 501(c)(3) non-for-profit organization that transports Oklahoma World War II veterans to Washington, D.C. to visit the memorial dedicated to honor their service and sacrifice.
2. Eastern Red Cedar Revolving Fund - Individual taxpayer may help stimulate rural development, improve public health and enhance wildlife habitat by donating to the Eastern Red Cedar Revolving Fund.
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