OK HB2368

Allows resident individuals and part-year resident individuals a credit equal to 5% of the federal earned income tax credit under Section 32 of the Internal Revenue Code for tax years beginning after December 31, 2001.

For tax years beginning before January 1, 2016, allows full refund of excess credit amounts that exceed the tax imposed by Section 2355.

For tax years beginning on or after January 1, 2017, limits refunds to 50% of excess credit amounts that exceed the tax imposed by Section 2355.

Prohibits advance payment of the credit pursuant to Section 3507 of the Internal Revenue Code.

Becomes effective January 1, 2018.