Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB581 Compare Versions

Only one version of the bill is available at this time.

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53	53	STATE OF OKLAHOMA
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55	55	1st Session of the 59th Legislature (2023)
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57	57	SENATE BILL 581 By: Montgomery
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63	63	AS INTRODUCED
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65	65	An Act relating to income tax credit; providing
66	66	credit for qualified employer that provides certain
67	67	disability insurance ; providing eligibility
68	68	requirements; stating amount of credit; prohibit ing
69	69	use of credit to reduc e liability to less than zero;
70	70	providing for codification; and providing an
71	71	effective date.
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77	77	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
78	78	SECTION 1. NEW LAW A new section of law to be codified
79	79	in the Oklahoma Statutes as Section 2357.305 of Title 68, unless
80	80	there is created a duplication in numb ering, reads as follows:
81	81	A. For tax year 2024 and subsequent tax years, a qualified
82	82	employer shall be allowed a tax credit against the tax imposed
83	83	pursuant to Section 2355 of Title 68 of the Oklahoma Statutes for
84	84	the purchase of an employee disability insurance policy.
85	85	B. The credit authorized by subsection A of this section may be
86	86	claimed only if the employer has at least five (5) employees , the
87	87	policy is fully paid by the employer, and the policy includes
88	88	coverage for spousal income.
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140	140	C. The credit authorized by subsection A of this se ction shall
141	141	be in the amount of Seventy-five Dollars ($75.00) for each employee
142	142	that is provided coverage.
143	143	D. The credit authorized by su bsection A of this section shall
144	144	not be used to reduce the tax liability of the qualified employer to
145	145	less than zero (0).
146	146	SECTION 2. This act shall become effective November 1, 2023.
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148	148	59-1-497 QD 1/17/2023 6:20:21 PM