Oklahoma 2022 Regular Session

Oklahoma House Bill HB2553 Compare Versions

Only one version of the bill is available at this time.

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28	28	STATE OF OKLAHOMA
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30	30	1st Session of the 58th Legislature (2021)
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32	32	HOUSE BILL 2553 By: Virgin
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38	38	AS INTRODUCED
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40	40	An Act relating to revenue and taxation; amending 68
41	41	O.S. 2011, Section 2357.43, as amended by Section 1,
42	42	Chapter 341, O.S.L. 2016 (68 O. S. Supp. 2020, Section
43	43	2357.43), which relates to earned income tax credit;
44	44	providing for refundability of tax credits; and
45	45	providing an effective date.
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51	51	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
52	52	SECTION 1. AMENDATORY 68 O.S. 2011, Section 2357.43, as
53	53	amended by Section 1, Chapter 341, O.S.L. 2016 (68 O.S. Supp. 2020,
54	54	Section 2357.43), is amended to read as follows:
55	55	Section 2357.43 For tax years beginning after December 31,
56	56	2001, there shall be allowed to a resident individual or a part -year
57	57	resident individual as a credit against the tax imposed by Section
58	58	2355 of this title five percent (5%) of the earned income tax credit
59	59	allowed under Section 32 of the Internal Revenue Code of the United
60	60	States, 26 U.S.C., Section 32. However, this credit shall not be
61	61	paid in advance pursuant to the provisions of Section 3507 of the
62	62	Internal Revenue Code. For tax years which begin before January 1,
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89	89	2016, if If the credit exceeds the tax imposed by Section 2355 of
90	90	this title, the excess amount shall be refunded to the taxpayer.
91	91	The maximum earned income tax credit allowable on the Oklahoma
92	92	income tax return shall be prorated on the ratio that Oklahoma
93	93	adjusted gross income bears to the federal adjusted gross income.
94	94	SECTION 2. This act shall become effective January 1, 202 3.
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96	96	58-1-6681 AQH 12/18/20