Income tax; providing credit for eligible dependent children; stipulating credit amount. Effective date.
Impact
If SB309 is enacted, it will have significant implications for Oklahoma's tax structure, particularly for married couples with dependent children. The bill is designed to offer tax relief to parents, which can ease the financial burden associated with raising children. The credit is non-refundable, meaning it cannot be used to reduce tax liability below zero, but any unused portion can be carried forward for up to five years, allowing taxpayers to benefit from the credit even if their tax situation varies from year to year.
Summary
Senate Bill 309 introduces an income tax credit aimed at supporting families with eligible dependent children. This credit is structured to provide financial benefits based on the length of marriage of the taxpayers and applies to each qualifying child under the age of nineteen. The outlined credit ranges from $500 for couples married for one to less than five years, up to $2,000 for those married for more than fifteen years, with a cap on credits that can be claimed in a tax year.
Contention
Discussions around SB309 may center on its potential outcomes and fairness in distribution. Proponents are likely to argue that the bill effectively supports family units and incentivizes marriage, while critics may raise concerns about the exclusion of single-parent households or non-married couples from claiming similar benefits. Additionally, there may be scrutiny regarding how the bill interacts with existing tax laws and its overall impact on state revenues, considering the credit limits and carry-forward provisions outlined.
Income tax; providing an income tax credit for eligible expenses incurred for a child care business; defining expenses; providing credit amount; authorizing carry forward of credit. Effective date.
Income tax credit; adding contributions to higher education institutions for eligibility for tax credit pursuant to the Oklahoma Equal Opportunity Education Scholarship Act; providing procedures. Effective date.
Income tax credits: prohibiting claims for deduction from certain tax credit; providing exemption for certain tax credits received; parental choice tax credits, modifying income limitations; allowing certain credit to qualifying students; establishing credit amount for certain private schools; emergency.