Senate Bill 1621 Summary

• Amends Section 2358.5-1 of the Oklahoma Statutes to modify the income tax deduction for foster care expenses for taxable years beginning after December 31, 2013 and ending before January 1, 2018.

• Allows taxpayers who contract with a child-placing agency to deduct up to $5,000 for expenses incurred to provide care for a foster child (applies to married persons filing jointly and single persons combined).

• Permits married persons filing separately to each claim one-half (1/2) of the deduction that would have been allowed on a joint return.

• Establishes a sunset date of January 1, 2018, after which the deduction provision expires unless extended by the legislature.

• Declares an emergency to make the act effective immediately upon passage and approval by the Governor.