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