Bill
Bill > SB1477
OK SB1477
OK SB1477Income tax; modifying various procedures for parental choice tax credits; disallowing credit to be used for certain tax offsets; exempting credit from taxable income. Emergency.
summary
Introduced
02/05/2024
02/05/2024
In Committee
04/15/2024
04/15/2024
Crossed Over
03/18/2024
03/18/2024
Passed
Dead
05/31/2024
05/31/2024
Introduced Session
2024 Regular Session
Bill Summary
An Act relating to income tax credit; amending 68 O.S. 2021, Section 205.2, which relates to claims for deduction of refund; prohibiting claims for deduction from certain tax credit; amending 68 O.S. 2021, Section 2358, as amended by Section 1, Chapter 377, O.S.L. 2022 (68 O.S. Supp. 2023, Section 2358), which relates to adjustments to arrive at taxable income; providing exemption for certain tax credits received; amending Section 2, Chapter 278, O.S.L. 2023 (70 O.S. Supp. 2023, Section 28-101), which relates to parental choice tax credits; modifying definitions; modifying income limitations; allowing certain credit to qualifying students; prohibiting the use of tax credit to offset certain accrued liabilities; modifying annual credit limitations; prescribing enforcement of certain annual limitation; modifying frequency of payment for credits claimed; prescribing application period; requiring credits and payments to be allocated prior to the school year; requiring certain notification; allowing certain reallocation of credits; updating statutory reference; updating statutory language; and declaring an emergency. AMENDMENT NO. 1. Strike the title, enacting clause, and entire bill and insert: "An Act relating to income tax credit; amending 68 O.S. 2021, Section 205.2, which relates to claims for deduction of refund; prohibiting claims for deduction from certain tax credit; amending 68 O.S. 2021, Section 2358, as amended by Section 1, Chapter 377, O.S.L. 2022 (68 O.S. Supp. 2023, Section 2358), which relates to adjustments to arrive at taxable income; providing exemption for certain tax credits received; amending Section 2, Chapter 278, O.S.L. 2023 (70 O.S. Supp. 2023, Section 28-101), which relates to the Oklahoma Parental Choice Tax Credit Act; modifying definitions; modifying income limitations; allowing certain credit to qualifying students; establishing credit amount for private schools serving certain student populations; prohibiting the use of tax credit to offset certain accrued liabilities; modifying annual credit limitations; prohibiting the Oklahoma Tax Commission from requiring certain taxpayers to reapply for certain credit; providing for calculation of credit amount; modifying limitations on credits allowed during certain fiscal years; exempting certain eligible taxpayers from providing additional income verification; requiring submission of enrollment verification form; prescribing application period; requiring credits and payments to be allocated by certain dates; providing deadline to receive priority consideration; providing for prorated credit; allowing certain reallocation of credits; requiring certain notification; requiring the Commission to update certain information monthly; requiring the Commission to publish additional information; prohibiting credits from being considered taxable income; updating statutory references; updating statutory language; and declaring an emergency.
AI Summary
This bill makes several changes to the Oklahoma Parental Choice Tax Credit Act. It:
- Exempts tax credits received under the Oklahoma Parental Choice Tax Credit Act from taxable income starting in tax year 2024.
- Modifies the income limitations and maximum credit amounts for eligible students attending private schools in Oklahoma. It also establishes a higher credit amount for private schools that exclusively serve students experiencing homelessness or primarily serve financially disadvantaged students.
- Prohibits the use of the tax credits to offset certain accrued liabilities, delinquent taxes, or prior year tax liabilities.
- Changes the application and payment timeline, including providing priority consideration for lower-income families and requiring payments to be made before the start of the school year.
- Allows the Oklahoma Tax Commission to reallocate credits when a taxpayer chooses not to participate or is no longer eligible.
- Requires the Commission to provide more detailed reporting on the program.
- Declares an emergency, allowing the bill to take immediate effect upon passage and approval.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
HAs read (on 04/29/2024)
Official Document
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