OK
Oklahoma House Bill HB3438

Oklahoma 2022 Regular Session

Oklahoma House Bill HB3438

Introduced
2/7/22  

Caption

Revenue and taxation; income tax credit; adoption expenses; prepartum counseling; postpartum counseling; definitions; carryover; effective date.

Impact

The implementation of HB 3438 is expected to influence state laws by introducing provisions that recognize and financially assist the adoption process within Oklahoma. The bill aims to categorically support families looking to adopt by subsidizing portions of the costs they encounter, thereby increasing the incentivization for adoption. Furthermore, it encompasses provisions for prepartum and postpartum counseling, allowing individuals to claim tax credits for mental health services connected to parenting. The goal is to foster better mental health outcomes for parents during critical periods, which can have significant implications for child development and family stability.

Summary

House Bill 3438 introduces an income tax credit for eligible adoption expenses, providing financial relief to individuals and families who undertake the adoption process. The bill allows those who incur qualifying expenses, such as legal fees and agency payments, to claim a tax credit that directly offsets their tax liability. This credit is designed to support families in navigating the sometimes costly adoption process, thereby promoting adoption as a viable option for child welfare in the state of Oklahoma. It specifies that the total credit cannot reduce a taxpayer's liability below zero and that unused credits can be carried forward over the subsequent five years.

Contention

While the bill garnered general support for its focus on adoption and mental health, some lawmakers raised concerns about the fiscal implications of expanding tax credits. Critics argue that there should be scrutiny regarding the budget impact and the potential for misuse of tax credits. Proponents, however, emphasize the long-term societal benefits of supporting adoption and mental health as outweighing initial costs. The discussions surrounding the bill highlight the delicate balance between supporting family dynamics and ensuring responsible fiscal governance within state budgets.

Companion Bills

No companion bills found.

Previously Filed As

OK HB3088

Revenue and Taxation; income tax credit; adoption expense; effective date.

OK HB2451

Revenue and taxation; income tax credit; qualified employer child care expense; definitions; carryover; fiscal year cap; child care workers; income tax credit; refundability; sunset; effective date.

OK HB2451

Revenue and taxation; income tax credit; qualified employer child care expense; definitions; carryover; fiscal year cap; child care workers; income tax credit; refundability; sunset; effective date.

OK HB1848

Revenue and taxation; income tax credit; childcare expenses; childcare services; definitions; effective date.

OK HB2292

Revenue and taxation; income tax credit; meat processing; definitions; credit amount; refundability; carryover; effective date.

OK HB2292

Revenue and taxation; income tax credit; meat processing; definitions; credit amount; refundability; carryover; effective date.

OK HB3504

Revenue and taxation; Oklahoma Feral Hog Trapping Tax Credit Act; definitions; income tax credit; feral hog trapping equipment; carryover; effective date.

OK HB1635

Revenue and taxation; income tax credit; rural broadband equipment; carryover; effective date.

OK HB2740

Revenue and taxation; taxations; rates; income tax; exemptions; effective date.

OK HB2610

Revenue and taxation; nonrecurring adoption expenses credit; modifying amount; effective date.

Similar Bills

No similar bills found.