Bill > HB2091

This bill creates a new income tax credit for Oklahoma residents who pay rent for their primary residence, beginning with the tax year 2026. Under the proposed legislation, individuals can claim a refundable tax credit of up to $110 for the first year, with the amount adjusted annually for inflation based on the Consumer Price Index for All Urban Consumers (CPI-U) published by the Bureau of Labor Statistics. To claim the credit, taxpayers must complete a form provided by the Oklahoma Tax Commission that requires details such as their address, landlord's name, monthly rent amount, and total rent paid during the tax year. The credit will be applied against the income tax imposed by the state, and the bill is set to become effective on November 1, 2025, allowing individuals to claim the credit for the 2026 tax year and beyond. This policy aims to provide some financial relief to renters by reducing their state tax burden.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2091&Session=2600