Oklahoma Senate Passes Gambling Debt Exclusion

In Oklahoma, HB 2667 would allow taxpayers to exclude gambling losses from the $17,000 itemized deduction limit. State Senator Dewayne Pemberton opposes the exclusion, claiming the state would lose nearly $9 million in annual education funding. However, he believes Governor Kevin Stitt (l.) will sign the legislation, which was "a priority" for the Cherokee Nation.