SB 247 Summary

• Amends Oklahoma income tax law (68 O.S. 2011, Section 2357) regarding allowable tax credits against income tax liability.

• Allows resident individuals a credit for income taxes paid to another state on compensation for personal services, limited to the proportional amount of Oklahoma tax based on out-of-state income relative to total Oklahoma adjusted gross income.

• Provides a child care expense credit for resident individuals, part-year residents, and Armed Forces members equal to 20% of federal child care expenses or 5% of federal child tax credit, whichever is greater, for tax years after December 31, 2007.

• Limits child care credit to taxpayers with federal adjusted gross income not exceeding $100,000.00, prorated based on ratio of Oklahoma adjusted gross income to federal adjusted gross income.

• Becomes effective November 1, 2015.