State appeals court finds capital gains tax deduction unconstitutional
BY MICHAEL MCNUTT NewsOK.com
Friday, January 18, 2013
1/18/13 at 5:38 AM
OKLAHOMA CITY - A capital-gains tax deduction for Oklahoma-based companies is unconstitutional, the Oklahoma Court of Civil Appeals ruled Thursday.
The court, in a 3-0 ruling, reversed an opinion by the Oklahoma Tax Commission, which had denied an appeal from a California company that said it also should receive the deduction.
The appellate court ruled that the Oklahoma capital gains deduction, which took effect Jan. 1, 2006, violates the commerce clause of the U.S. Constitution.
A spokeswoman for the Oklahoma Tax Commission said attorneys were still reviewing the ruling, which was handed down late Thursday afternoon.
Original Print Headline: State appeals court finds capital gains deduction unconstitutional
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