Bill > HB2610

This bill modifies the tax credit for nonrecurring adoption expenses in Oklahoma, expanding the existing credit to provide more financial support for individuals and couples who adopt children. Specifically, the bill increases the tax credit percentage from 10% to 15% of qualified adoption expenses, and raises the maximum credit amount from $2,000 to $3,000 for single or married filing separate tax returns, and from $4,000 to $6,000 for married couples filing joint returns. The bill defines nonrecurring adoption expenses as including adoption fees, court costs, medical expenses, attorney fees, and other direct costs related to the legal adoption process, such as adoption studies, health examinations, transportation, and lodging. The tax credit will be available for taxable years beginning on or after January 1, 2026, and the Oklahoma Tax Commission is required to establish rules and verification requirements for claiming the credit. The bill aims to provide additional financial assistance to families pursuing adoption and make the adoption process more affordable.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2610&Session=2500