Bill > HB1659

This bill, known as the "Promote Child Thriving Act," introduces a new income tax credit for married biological parents in Oklahoma starting in tax year 2025. Specifically, the bill provides a $500 tax credit for each child under 18 living in the parents' home, and a $1,000 credit for each child under 18 if the parents were married before the child's birth. To qualify, biological parents must be listed on the child's birth certificate, reside in the same household for at least six months of the tax year (with some exceptions for military deployment), and remain married for the entire tax year. Parents must attest to these conditions under penalty of perjury when claiming the credit. The bill's legislative findings emphasize the importance of children being raised by their biological married parents, citing studies that suggest children in such households tend to have better outcomes in areas like academic success, emotional health, and poverty prevention. The tax credit cannot reduce a taxpayer's income tax liability below zero, but unused credits can be carried forward for up to ten subsequent tax years. If fraudulent information is used to claim the credit, the Tax Commission can recover the credit and impose penalties up to $500. The act is set to become effective on July 1, 2025, with an emergency clause allowing immediate implementation.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1659&Session=2600