Bill > SB71

This bill introduces a new income tax credit for renters in Oklahoma, beginning in tax year 2026. The credit allows individuals to receive up to $110 (which will be annually adjusted for inflation based on the Consumer Price Index) as a tax credit for rent paid on their primary residence. If the credit amount exceeds the individual's tax liability, the excess will be refunded to the taxpayer, making it a refundable credit. To claim the credit, taxpayers must complete a form provided by the Oklahoma Tax Commission that requires specific information including their address, landlord's name, monthly rent amount, and total rent paid during the tax year. The bill aims to provide financial relief for renters by reducing their tax burden and potentially providing additional monetary support through the refundable credit mechanism. The new tax credit will become effective on November 1, 2025, and will apply to tax year 2026 and subsequent years.