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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
SENATE BILL 581 By: Montgomery
AS INTRODUCED
An Act relating to income tax credit; providing
credit for qualified employer that provides certain
disability insurance ; providing eligibility
requirements; stating amount of credit; prohibit ing
use of credit to reduc e liability to less than zero;
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 2357.305 of Title 68, unless
there is created a duplication in numb ering, reads as follows:
A. For tax year 2024 and subsequent tax years, a qualified
employer shall be allowed a tax credit against the tax imposed
pursuant to Section 2355 of Title 68 of the Oklahoma Statutes for
the purchase of an employee disability insurance policy.
B. The credit authorized by subsection A of this section may be
claimed only if the employer has at least five (5) employees , the
policy is fully paid by the employer, and the policy includes
coverage for spousal income.
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C. The credit authorized by subsection A of this se ction shall
be in the amount of Seventy-five Dollars ($75.00) for each employee
that is provided coverage.
D. The credit authorized by su bsection A of this section shall
not be used to reduce the tax liability of the qualified employer to
less than zero (0).
SECTION 2. This act shall become effective November 1, 2023.
59-1-497 QD 1/17/2023 6:20:21 PM