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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
HOUSE BILL 2769 By: Munson
AS INTRODUCED
An Act relating to revenue and taxation; amending 68
O.S. 2021, Section 2357.43, which relates to earned
income tax credits; mo difying credit percentage; and
providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 68 O.S. 2021, Section 2357.43, is
amended to read as follows:
Section 2357.43 For tax years beginning on or after January 1,
2022 2024, 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%) ten percent (10%) of
the earned income tax credit allowed under Section 32 of the
Internal Revenue Code o f the United States, 26 U.S.C., Section 32,
which for the taxable year beginning January 1, 2022, and the
taxable year beginning each January 1 thereafter sha ll be computed
using the same requirements, other than the five percent (5%) amount
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to compute the credit as prescribed by this s ection which shall
remain constant, in effect for computation of the earned income tax
credit for federal income tax purposes f or the 2020 income tax year .
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 on or after January 1, 2022 2024, if the credit
exceeds the tax imposed by Sectio n 2355 of this title, the exc ess
amount shall be refunded to the taxpayer . The maximum earned inc ome
tax credit allowable o n the Oklahoma income tax return shall be
prorated on the ratio that Oklahoma adjusted gross income bears to
the federal adjusted gr oss income.
SECTION 2. This act shall become effective November 1, 2023.
59-1-7003 MAH 01/17/23