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OK SB367
Bill
AI Summary
- Modifies Section 2357.43 of Oklahoma law to change the effective period for earned income tax credit calculation from tax years beginning January 1, 2022 to "year 2002 and subsequent tax years"
- Sets a 5% credit rate based on the federal earned income tax credit under 26 U.S.C. Section 32, with the 5% amount remaining constant
- For tax years 2022 through 2025, the credit shall be computed using the same requirements as the 2020 federal earned income tax year
- Allows refunds to taxpayers when the credit exceeds their tax liability for tax years 2002 through 2015 and 2022 and subsequent tax years
- Becomes effective November 1, 2025
Legislative Description
Income tax; modifying calculation of the Oklahoma earned income tax credit. Effective date.
Last Action
Coauthored by Representative Ranson (principal House author)
3/10/2025
Committee Referrals
Appropriations2/24/2025
Revenue and Taxation2/4/2025
Full Bill Text
No bill text available