Bill > HB4480

This bill, effective January 1, 2027, amends Oklahoma's income tax laws to create a new personal income tax deduction for certain taxpayers who pay for potable water, natural gas, or electricity services. Specifically, individuals filing as single can claim a $600 deduction, and those married filing jointly can claim a $1,200 deduction, provided their federal adjusted gross income is $75,000 or less for single filers, or $150,000 or less for those married filing jointly. The bill defines "provider" as any authorized entity furnishing these utilities to residential customers in the state, and "taxpayer" as an individual using these services for their primary residence. This change is incorporated into the existing section of Oklahoma law that details adjustments to arrive at Oklahoma taxable income and adjusted gross income.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb4480&Session=2600