Oklahoma 2022 Regular Session

Oklahoma House Bill HB2429

Introduced
2/1/21  

Caption

Revenue and taxation; earned income tax credits; refundability; effective date.

Impact

The proposed bill is expected to have a significant impact on state taxes, particularly for individuals who rely on the earned income tax credit as part of their financial planning and economic security. By allowing refundability, the bill could provide essential financial support for many families, helping to alleviate poverty and increase disposable income in lower earnings brackets. This shift could lead to greater economic stability for affected individuals and may also contribute to broader economic growth through increased consumer spending.

Summary

House Bill 2429 aims to amend Oklahoma's earned income tax credit system by allowing for refundability of the tax credits. This change specifically targets resident and part-year resident individuals who qualify for the earned income tax credit based on their income levels. Under current law, if individuals' credits exceed the taxes owed, they are not able to receive the excess as a refund; however, HB2429 seeks to rectify this by enabling refundable credits, which could greatly benefit lower-income earners.

Contention

There may be points of contention surrounding the implementation of HB2429, especially related to budgetary implications for the state. Observers may raise concerns about the potential increase in state expenditure due to the refundable nature of the tax credits. Additionally, discussions may arise regarding the effectiveness of the earned income tax credit in addressing economic disparities and whether the proposed changes will genuinely assist low-income households as intended.

Companion Bills

No companion bills found.

Previously Filed As

OK HB2553

Revenue and taxation; earned income tax credit; refundability; effective date.

OK HB1639

Revenue and taxation; earned income tax credit; effective date.

OK HB2962

Revenue and taxation; individual income tax rates; earned income tax credit; computation of credit; effective date.

OK HB3526

Revenue and taxation; earned income tax credit; effective date.

OK HB2229

Revenue and taxation; income tax; earned income tax credit; effective date.

OK HB2769

Revenue and taxation; earned income tax credit; effective date.

OK HB2769

Revenue and taxation; earned income tax credit; effective date.

OK SB218

Income tax; making the earned income tax credit refundable. Effective date.

OK SB220

Income tax; making the earned income tax credit refundable. Effective date.

OK SB249

Earned income tax credit; providing for refund of excess credit at specified amounts during certain time periods. Effective date.

Similar Bills

No similar bills found.