Income tax; unborn child exemption; definitions. Effective date.
Impact
If passed, SB992 would alter the landscape of personal exemptions available to taxpayers in Oklahoma, potentially increasing the number of exemptions that individuals can claim. This change could have a significant impact on the overall tax burden for families expecting children, thus encouraging family growth. Advocates argue that recognizing unborn children in tax law aligns with societal values regarding family and child welfare. However, the bill's implications raise questions about the overall effectiveness of such tax benefits and their financial impact on state revenues.
Summary
Senate Bill 992 aims to amend the Oklahoma income tax statutes by allowing for certain unborn children to be claimed as personal exemptions by taxpayers. This proposed legislation modifies the existing Oklahoma statutes pertaining to taxable income and adjusted gross income, specifically adjusting Section 2358 to include an exemption for unborn children. The intention behind this provision is to provide tax relief to expectant parents and to recognize unborn children in a similar manner as dependents in terms of tax benefits.
Contention
Opposition to SB992 may arise from various groups concerned about the broader implications of legally recognizing unborn children in tax contexts. Critics argue that such decisions could lead to further legal discussions surrounding reproductive rights and personhood, thereby introducing complex ethical and moral debates into tax policy. Additionally, as with any proposed tax exemption, there are concerns about the potential revenue losses for the state and how it will balance that with essential public services funding.
Revenue and taxation; Senior Service Corps Act of 2023; income tax; Oklahoma adjusted gross income; exemption; school support services; wages; withholding tax; effective date.