SB1388

Oklahoma SB1388 amends income tax credits, making child care and child tax credits refundable.

Oklahoma SB1388 amends the Oklahoma Statutes to allow a refundable credit for child care expenses and child tax credits for certain taxpayers. The bill specifies that the credit for child care expenses or child tax credits will be prorated based on the ratio of Oklahoma adjusted gross income to federal adjusted gross income. If the credit exceeds the tax imposed, the excess will be refunded to the taxpayer. The changes apply to tax years beginning after December 31, 2007, and the act becomes effective November 1, 2026.