Taxes
1:13 pm
Sun July 7, 2013

Tax Commission Wants High Court To Overturn Ruling

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.

Credit 401(K) 2013 / Flickr Creative Commons

The Tulsa World reports the Tax Commission this week asked the Oklahoma Supreme Court to overturn a lower court ruling or prevent the ruling from being applied retroactively.

In January, the Court of Civil Appeals said 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.