Bill
Bill > SB286
summary
Introduced
02/03/2025
02/03/2025
In Committee
02/04/2025
02/04/2025
Crossed Over
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
An Act relating to income tax; providing a credit for certain pro bono counsel; making credit refundable; authorizing the Oklahoma Tax Commission to promulgate rules and prescribe form for verification; providing for codification; and providing an effective date.
AI Summary
This bill creates a new income tax credit in Oklahoma for licensed attorneys who provide pro bono (free) legal counsel to adoptive parents that results in successfully filing a decree of adoption. For tax years starting in 2026, attorneys can claim a tax credit equal to 50% of the reasonable and necessary fee amount approved by the court for such pro bono work. If the credit amount exceeds the attorney's tax liability, the excess will be refunded to the taxpayer. The Oklahoma Tax Commission is authorized to establish rules and create forms to verify taxpayers' eligibility for this credit. The bill aims to incentivize attorneys to provide free legal services in adoption cases by offering a financial benefit through the state tax system, with the law set to take effect on November 1, 2025.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Second Reading referred to Revenue and Taxation Committee then to Appropriations Committee (on 02/04/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
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