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OK SB917

Bill

Official Source

Status

Introduced

2/1/2016

Primary Sponsor

Eddie Fields

Click for details

Origin

Senate

2016 Regular Session

AI Summary

  • Amends Oklahoma's earned income tax credit (EITC), which allows resident and part-year resident individuals to claim 5% of their federal EITC against state income tax
  • Credit amounts exceeding state tax liability are refunded to the taxpayer; credits are prorated based on ratio of Oklahoma adjusted gross income to federal adjusted gross income
  • Adds a sunset provision eliminating the credit for taxable years beginning on or after January 1, 2018, unless reauthorized by the Oklahoma Legislature
  • Effective date of November 1, 2016

Legislative Description

Income tax; modifying time period during which credits based on certain federal credit amount may be claimed. Effective date.

Last Action

coauthored by Yen

2/29/2016

Committee Referrals

Finance2/2/2016

Full Bill Text

No bill text available