Bill > SB328

This bill creates the "Promote Child Thriving Act," which establishes a tax credit for married biological parents in Oklahoma. The bill provides a $500 tax credit for each child under 18 living in the parents' home, with an increased $1,000 credit if the parents were married before the child's birth. To qualify, parents must be listed on the child's birth certificate, reside together for at least six months of the tax year, and remain married throughout the year. The credit cannot reduce tax liability below zero and can be carried forward for up to ten subsequent tax years. The bill's rationale, as extensively detailed in its findings, emphasizes the importance of children being raised by their married biological parents, citing research on potential benefits to children's academic, emotional, and economic outcomes. The legislation is rooted in a perspective that traditional two-parent married households provide the most stable environment for child development. The tax credit is intended to financially incentivize and support married biological parents, with the broader goal of strengthening family structures. The act will become effective on July 1, 2025, and includes provisions for penalizing fraudulent credit claims.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb328&Session=2600