Bill > SB1496

This bill provides an income tax credit for eligible expenses incurred by businesses in creating an on-site child care facility or providing child care services to employees and the public. The credit is 30% of documented eligible expenses, such as facility costs, licensing, and employee training, and can be carried forward for up to 5 years. Businesses not primarily in child care can also claim a $1,000 credit per child not of an employee who is provided child care services for at least 10 months. Small businesses are eligible for an additional 10% credit. The Oklahoma Tax Commission is required to promulgate rules to effectuate the provisions of this bill, which takes effect on November 1, 2024.