Bill
Bill > SB659
OK SB659
OK SB659Income tax; making earned income tax credit refundable for specified tax years. Effective date.
summary
Introduced
02/04/2019
02/04/2019
In Committee
02/05/2019
02/05/2019
Crossed Over
Passed
Dead
05/23/2019
05/23/2019
Introduced Session
2019 Regular Session
Bill Summary
Income tax; making earned income tax credit refundable for specified tax years. Effective date.
AI Summary
This bill makes the earned income tax credit (EITC) refundable for Oklahoma state income tax purposes. For tax years ending before January 1, 2020, the EITC credit is set at 5% of the federal EITC. This increases to 7.5% for tax years beginning on or after January 1, 2020. The bill also specifies that the EITC credit becomes refundable, meaning any excess credit over the taxpayer's state income tax liability will be refunded to the taxpayer, for tax years beginning on or after January 1, 2020. The bill takes effect on November 1, 2019.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Coauthored by Senator Simpson (on 02/19/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb659&Session=1900 |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2019-20%20INT/SB/SB659%20INT.PDF |
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