SB1894 Summary

• Allows Oklahoma income tax credit of $1,000 for tax year 2010 for qualifying taxpayers who claim the federal income tax credit for home purchases under the "exception for long-time residents of same principal residence" provision of the federal Worker, Homeownership and Business Assistance Act of 2009

• Credit amount limited to the taxpayer's total tax liability and cannot exceed the tax owed

• Unused credits may be carried forward to each of the four following tax years

• Becomes effective January 1, 2011