Oklahoma 2024 Regular Session

Oklahoma House Bill HB2769 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 2769 By: Munson
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38	38	AS INTRODUCED
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40	40	An Act relating to revenue and taxation; amending 68
41	41	O.S. 2021, Section 2357.43, which relates to earned
42	42	income tax credits; mo difying credit percentage; and
43	43	providing an effective date.
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52	52	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
53	53	SECTION 1. AMENDATORY 68 O.S. 2021, Section 2357.43, is
54	54	amended to read as follows:
55	55	Section 2357.43 For tax years beginning on or after January 1,
56	56	2022 2024, there shall be allowed to a resident individual or a
57	57	part-year resident individual as a credit against the tax imposed by
58	58	Section 2355 of this title five percent (5%) ten percent (10%) of
59	59	the earned income tax credit allowed under Section 32 of the
60	60	Internal Revenue Code o f the United States, 26 U.S.C., Section 32,
61	61	which for the taxable year beginning January 1, 2022, and the
62	62	taxable year beginning each January 1 thereafter sha ll be computed
63	63	using the same requirements, other than the five percent (5%) amount
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90	90	to compute the credit as prescribed by this s ection which shall
91	91	remain constant, in effect for computation of the earned income tax
92	92	credit for federal income tax purposes f or the 2020 income tax year .
93	93	However, this credit shall not be paid in advance pursuant to the
94	94	provisions of Section 3507 of the Internal Revenue Code . For tax
95	95	years which begin on or after January 1, 2022 2024, if the credit
96	96	exceeds the tax imposed by Sectio n 2355 of this title, the exc ess
97	97	amount shall be refunded to the taxpayer . The maximum earned inc ome
98	98	tax credit allowable o n the Oklahoma income tax return shall be
99	99	prorated on the ratio that Oklahoma adjusted gross income bears to
100	100	the federal adjusted gr oss income.
101	101	SECTION 2. This act shall become effective November 1, 2023.
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103	103	59-1-7003 MAH 01/17/23