Bill > SB101

This bill creates a new tax credit for Oklahoma residents to help offset housing expenses, specifically rent or mortgage principal and interest payments. The credit is available for tax years 2026 and beyond, and is tiered based on household income and number of dependents. Taxpayers can claim credits ranging from $1,000 to $7,000, depending on their gross household income relative to the state's median income (as determined by the U.S. Department of Housing and Urban Development). The credit amounts decrease as household income increases, with higher credit amounts for taxpayers with two or more dependents. Only one credit can be claimed per residence in a tax year, and if the credit exceeds the taxpayer's tax liability, the excess will be refunded. To be eligible, taxpayers must be individual or married taxpayers filing jointly who are Oklahoma residents, and their primary residence must be located within the state. The bill will become effective on November 1, 2025, providing a potential financial relief mechanism for lower-income households struggling with housing costs.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb101&Session=2600