TULSA, Okla. (AP) — The Oklahoma Tax Commission says the state could lose as much as $450 million if a court ruling about a capital-gains tax deduction stands.
The Tax Commission this week asked the Oklahoma Supreme Court to overturn a lower court ruling or prevent the ruling from being applied retroactively.
The Tulsa World reports that in January, the Court of Civil Appeals ruled a state law was unconstitutional. That law treats capital gains tax deductions of Oklahoma-based companies differently from those of out-of-state companies.
The appeals court reheard the issue at the Tax Commission's request. That court upheld its initial ruling in a substitute opinion last month, but limited it to the company that brought the suit.
The Tax Commission says the substitute opinion still leaves the state at risk of losses.
Tax Commission Wants Ruling Over Turned
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