Bill > SB204

This bill introduces a new income tax credit for married individuals in Oklahoma, which increases in value based on the duration of their marriage. Starting from tax year 2025, married couples can receive tax credits ranging from $500 to $2,000 for joint filers (or $250 to $1,000 for those filing separately), depending on how long they have been continuously married. The credit amount increases in increments: $500 for marriages lasting 1-6 years, $1,000 for 6-11 years, $1,500 for 11-16 years, and $2,000 for marriages lasting 16 years or more. To claim the credit, taxpayers must submit a form to the Oklahoma Tax Commission that includes their marriage license and a signed attestation of their continuous marriage. The credit is non-refundable, meaning it can only reduce tax liability to zero, and any unused credit can be carried forward for up to five subsequent tax years. The bill aims to provide a financial incentive for long-term marriages and will take effect on November 1, 2025.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb204&Session=2600