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STATE OF OKLAHOMA
2nd Session of the 58th Legislature (2022)
SENATE BILL 1686 By: Stephens
AS INTRODUCED
An Act relating to income tax credit; providing a
credit for certain adoption related expenses;
providing refundability of credit; limiting amount of
credit; authorizing the Oklahoma Tax Commission to
promulgate rules and prescribe form for verification;
providing for codification; and providing an
effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2358.13 of Title 68, unless
there is created a duplication in numb ering, reads as follows:
A. For tax year 2023 and subsequent tax years, there sha ll be
allowed a credit against the tax imposed pursuant to Section 2355 of
Title 68 of the Oklahoma Statutes in an amount equal to fifty
percent (50%) of adoption related costs to adoptive parents of a
resident of this state or a child born to a resident o f this state
that results in the filing of a certificate of decree of adoption ,
after the effective date of this act, as provided in Section 7505 -
6.6 of Title 10 of the Oklahoma Statutes. Adoption related costs
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shall include relevant court fees, fees paid to adoption service
agencies, prenatal and natal medical expenses of the biological
mother pursuant to an adoption agreement, and costs for home study
as may be required pursuant to Section 7505-5.1 of Title 10 of the
Oklahoma Statutes.
B. If the credit provided in this section exceeds the tax
imposed by Section 2355 of Title 68 of the Oklahoma Statutes, the
excess amount shall be refunded to the taxpayer. The credit
provided in this section shall not ex ceed Five Thousand Dollars
($5,000.00) for each certificate of decree of adoption.
C. The total amount of credits authorized by this sect ion used
to offset tax shall be adjusted annually to limit the annual amount
of credits to Five Million Dollars ( $5,000,000.00). The Oklahoma
Tax Commission shall annua lly calculate and publish a percentage by
which the credits authorized by this section shall be reduced so the
total amount of credits used to offset tax does not exceed Five
Million Dollars ($5,000,000.00) per year. The formula to be used
for the percentage adjustment shall be Five Million Dollars
($5,000,000.00) divided by the credits cla imed in the second
preceding year.
D. The Oklahoma Tax Commission may promul gate rules or
prescribe forms to verify costs and taxpayer qualification for the
credit provided in this section.
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SECTION 2. This act shall become effective Novem ber 1, 2022.
58-2-2659 QD 1/20/2022 5:25:40 PM