Oklahoma SB367 modifies the calculation of the Oklahoma earned income tax credit to be prorated based on the ratio of Oklahoma adjusted gross income.
Oklahoma SB367 amends the calculation of the Oklahoma earned income tax credit to be prorated based on the ratio of Oklahoma adjusted gross income to federal adjusted gross income. This change applies to tax years beginning on or after January 1, 2022. The bill also clarifies statutory language, updates statutory references, and specifies that the act becomes effective November 1, 2025.
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