Bill > HB1359

This bill introduces a new income tax credit for legally married couples with dependent children in Oklahoma, effective January 1, 2026. The credit amount varies based on the length of continuous marriage: $500 for couples married 1-5 years, $1,000 for 5-10 years, $1,500 for 11-15 years, and $2,000 for couples married 16 years or more. To be eligible, couples must have a dependent child under 19 years old who is a natural child of both parents, and the child must reside with the parents for more than half the taxable year. The total tax credit is capped at $10,000 per taxable year, and the overall program is limited to $25 million in credits annually. Taxpayers can carry forward unused credits for up to five consecutive years, but the credit cannot reduce tax liability below zero. Couples filing separate returns can each claim half the joint return credit. Applicants must pre-apply with the Oklahoma Tax Commission, providing certification of marriage duration and dependent children, and credits will be awarded on a first-come, first-served basis. The bill also includes a severability clause, ensuring that if any part of the law is found unconstitutional, the remaining provisions will still be valid.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1359&Session=2600