Bill > HB2138

This bill proposes a new law to provide a state income tax exemption for recent college or technology center graduates who become employed full-time in Oklahoma. The bill defines "qualifying employment" as full-time employment in Oklahoma, and "qualifying taxpayer" as a person who has graduated within the last 12 months and becomes employed in qualifying employment. The bill exempts up to $75,000 of income received from qualifying employment from Oklahoma income tax for the taxable year in which the person began the qualifying employment and the following two years. The Oklahoma Tax Commission is authorized to promulgate rules to implement and administer the income tax exemption. The bill also provides for the refund of any income tax paid on exempt income and appropriates funds from the Oklahoma Income Tax Adjustment Fund for that purpose. The bill is set to take effect on January 1, 2024.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2138&Session=2400