SB 1492 Summary

• Establishes a one-time income tax credit for qualified graduates who graduate from Oklahoma post-secondary institutions on or after January 1, 2013 and remain employed in the state.

• Credit amount varies by degree type: $4,000 for Bachelor's degrees, $2,000 for Associate's degrees, or $1,500 for technical/training certificates.

• Credit may alternatively equal 5% of the deduction allowed for qualified education loan interest under federal tax law, whichever is greater.

• Taxpayer may claim the credit once during any of the first five tax years after becoming eligible; unused credits may be carried forward for up to five additional tax years.

• Effective January 1, 2013.