Oklahoma HB1848 provides income tax credits for childcare expenses and for employers contracting childcare services.
Oklahoma HB1848 introduces income tax credits for expenses related to childcare services. It defines a "child" as a person five years of age or less and allows a credit of up to $1,000 for qualified childcare workers. The credit is refundable and can be carried over to subsequent tax years. The total credit amount for employers is capped at $14 million annually, while the credit for childcare workers is limited to $5 million annually. The provisions will cease to have effect on January 1, 2031.
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