Bill > HB3388

Introduced Session

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; 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. SUBJECT: Income tax credit

AI Summary

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Charles McCall (R)*,  Greg Treat (R)*,  Chad Caldwell (R), 

Approved by Governor 05/06/2024 (on 05/06/2024)

Official Document