Okla. Stat. tit. 68, § 68-2358.6

Addition to federal taxable income - Subtraction in later years.

A. For income tax returns filed after September 10, 2001, by

corporations and fiduciaries, federal taxable income shall be

increased by eighty percent (80%) of any amount of bonus

depreciation received under the federal Job Creation and Worker

Assistance Act of 2002, under Section 168(k) or Section 1400L of the

Oklahoma Statutes - Title 68. Revenue and Taxation Page 918

Internal Revenue Code of 1986, as amended, for assets placed in

service after September 10, 2001, and before September 11, 2004.

B. For income tax returns filed after December 31, 2007, by

corporations and fiduciaries, federal taxable income shall be

increased by eighty percent (80%) of any amount of bonus

depreciation received under the federal Economic Stimulus Act of

2008, or under the American Recovery and Reinvestment Act of 2009,

under Section 168(k) or Section 1400L of the Internal Revenue Code

of 1986, as amended, for assets placed in service after December 31,

2007, and before January 1, 2010.

C. For a corporation with a unitary business having activity

both inside and outside the state, the increase shall be apportioned

to Oklahoma in the same manner as income is apportioned to the state

under Section 2358 and Section 2362 of this title.

D. The amount of bonus depreciation added to federal taxable

income by this section shall be subtracted in a later taxable year

as herein provided. Twenty-five percent (25%) of the total amount

of bonus depreciation added back may be subtracted in the first

taxable year following the year of the addition and twenty-five

percent (25%) may be subtracted in each of the next three following

taxable years.

E. A corporation or fiduciary filing a return for which federal

taxable income is not increased as provided in subsection A of this

section prior to October 1, 2002, shall file an amended return

reflecting such increase not later than June 30, 2003. The Oklahoma

Tax Commission shall not assess penalties or interest with respect

to the failure to reflect such increase if a correct amended return

is filed as required herein. A corporation or fiduciary filing a

return for which federal taxable income is not increased as provided

for in subsection B of this section prior to October 1, 2008, shall

file an amended return reflecting such increase not later than June

30, 2009. The Tax Commission shall not assess penalties or interest

with respect to the failure to reflect such increase if a correct

amended return is filed as required herein.