Bill > SB106

This bill introduces a new tax credit for employers in Oklahoma who help their employees pay off student loan debt. Starting in the tax year 2026, employers can claim a credit equal to 30% of the amount they pay towards an employee's student loan debt. The credit can be applied against the employer's income tax liability, but it cannot reduce their tax liability below zero. If the credit amount exceeds the tax owed in a given year, the unused portion can be carried forward and applied to the tax liability in each of the next ten consecutive tax years. To claim the credit, employers must complete a specific form prescribed by the Oklahoma Tax Commission and provide any required documentation. The bill aims to incentivize employers to support their employees in managing student loan debt by offering a financial benefit through the tax credit system. The legislation will become effective on November 1, 2025.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb106&Session=2600