Oklahoma 2023 Regular Session

Oklahoma House Bill HB2138 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 59th Legislature (2023 )
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32	32	HOUSE BILL 2138 By: McDugle
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38	38	AS INTRODUCED
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40	40	An Act relating to revenue and taxation; defining
41	41	terms; providing for certain income tax exemption;
42	42	providing income limit for exemptio n; authorizing
43	43	refund; authorizing appropriation of Oklahoma Income
44	44	Tax Adjustment Fund for refund; authorizing Oklahoma
45	45	Tax Commission to promulgate rules; providing for
46	46	codification; and providing an effective date .
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52	52	BE IT ENACTED BY THE PEOPL E OF THE STATE OF OKLAHOMA:
53	53	SECTION 1. NEW LAW A new section of law to be codi fied
54	54	in the Oklahoma Statutes as Section 2358.8 of Title 68, unless there
55	55	is created a duplication in numbering, reads as follows:
56	56	A. As used in this sec tion:
57	57	1. "Income" means income received directly from the qualifying
58	58	employment as compensation for that employment;
59	59	2. "Qualifying employment" means full-time employment in the
60	60	State of Oklahoma; and
61	61	3. "Qualifying taxpayer" means a taxpayer who:
62	62	a. is within twelve (12) months of graduating with a
63	63	degree from either an accredited private or public
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90	90	university or college or an accredited technology
91	91	center school, and
92	92	b. becomes employed in a qualifying employment .
93	93	B. Any income received by a qualifying taxpayer from qualifying
94	94	employment, up to Seventy-five Thousand Dollars ($75,000.00), shall
95	95	be exempt from Oklahoma income tax during the taxable year in which
96	96	the qualifying taxpayer became employed in the qualifying employment
97	97	and for the two (2) subsequent taxable years.
98	98	C. In any case where income tax has been paid upon a ny income
99	99	exempt pursuant to subs ection B of this section, the tax monies
100	100	shall be refunded to the qualifying taxpayer. The refund shall be
101	101	made by the Oklahoma Tax Commission out of the Oklahoma Income Tax
102	102	Adjustment Fund, and so much of such fund as is necessary for such
103	103	purpose is hereby appropriated.
104	104	D. The Oklahoma Tax Commission shall promulgate rule s necessary
105	105	to implement and administer the income tax exemption authorized by
106	106	this section.
107	107	SECTION 2. This act shall become effective January 1, 2024.
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109	109	59-1-5072 AQH 11/03/22