The measure creates an exemption from property tax. The exemption applies to certain injured veterans and surviving spouse of those veterans. The exemption would be for the full fair cash value of the homestead.
- Honorably discharge from a branch of the Armed Forces or the Oklahoma National Guard
- State resident
- 100% permanent disabled-service connected
- Disability would have to have been sustained through military action or accident, or result from a disease contracted while in active service
- The disability would have to be certified by U.S. Department of Veterans Affairs
Oklahoma Income Tax
The first one thousand five hundred dollars ($1,500.00) received, as salary for service in the United States Armed Forces shall be deducted from taxable income. The Oklahoma Tax Commission may, according to the provisions set forth, grant an extension to any member of the United States Armed Forces when filing is impractical.
Exemption For Sales Tax
Sales of tangible personal property or services to persons who are residents of Oklahoma and have been honorably discharged from active service in any branch of the Armed Forces of the United States or Oklahoma National Guard and who have been certified by the United States Department of Veterans Affairs or its successor to be in receipt of disability compensation at the one-hundred-percent rate and the disability shall be permanent and have been sustained through military action or accident or resulting from disease contracted while in such active service.
Exemption For Retirement Benefits
Retirement benefits, for taxable years after December 31, 2005, received by an individual from any component of the Armed Forces of the U.S. shall be exempt from taxable income in an amount not to exceed the greater of 75% of such benefits OR $10,000.
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