Oklahoma HB1359 creates an income tax credit for legally married couples with dependent children, effective January 1, 2026.
Oklahoma HB1359 introduces an income tax credit for legally married couples with dependent children. The credit amount varies based on the length of the couple's marriage, ranging from $500 to $2,000. The credit cannot reduce the taxpayer's liability to less than zero and can be carried forward for up to five years if unused. The Oklahoma Tax Commission will administer the credit, allocating it based on the dollar amount claimed. The bill also includes provisions for severability and an annual cap on the aggregate amount of credits awarded.
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