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OK SB1604

Bill

Official Source

Status

Passed

5/27/2016

Primary Sponsor

Clark Jolley

Click for details

Origin

Senate

2016 Regular Session

AI Summary

  • Allows resident individuals and part-year resident individuals a credit against Oklahoma income tax equal to 5% of the federal earned income tax credit under Internal Revenue Code Section 32
  • Limits refundability of excess credits to tax years beginning before January 1, 2016; credits exceeding tax liability for tax years beginning on or after January 1, 2016 will no longer be refunded to taxpayers
  • Prohibits advance payment of the credit pursuant to Internal Revenue Code Section 3507
  • Requires the maximum earned income tax credit on Oklahoma income tax returns to be prorated based on the ratio of Oklahoma adjusted gross income to federal adjusted gross income
  • Becomes effective November 1, 2016

Legislative Description

Income tax credits; limiting time period during which certain credit is refundable. Effective date

Last Action

Approved by Governor 05/27/2016

5/27/2016

Committee Referrals

Appropriations and Budget5/12/2016

Full Bill Text

No bill text available