Oklahoma 2024 Regular Session

Oklahoma House Bill HB3806 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	2nd Session of the 59th Legislature (2024)
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57	57	HOUSE BILL 3806 By: Burns
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63	63	AS INTRODUCED
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65	65	An Act relating to revenue and taxation; providing
66	66	income tax credit to certain members of the Oklahoma
67	67	National Guard; specifying amount of credit;
68	68	providing credit not to be used to reduce t ax
69	69	liability to less than designated amount; authorizing
70	70	carryover; providing for codification; and providing
71	71	an 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 2357.701 of Title 68, unless
80	80	there is created a duplication in numbering, reads as follows:
81	81	For taxable years beginning on o r after January 1, 202 5, there
82	82	shall be allowed as a credit against the tax imposed pursuant to
83	83	Section 2355 of Title 68 of the Oklahoma Statutes in the amount of
84	84	One Thousand Five Hundred Dollars ($1,500.00) for a member of the
85	85	Oklahoma National Guard who resides outside a fifty-mile radius from
86	86	their assigned home stat ion.
87	87	B. The credit authorized by this section shall not be used to
88	88	reduce the income tax liability to less than zero (0).
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140	140	C. To the extent not used, the credit authorized by this
141	141	section may be carried over, in order, to each of the five (5)
142	142	subsequent taxable years.
143	143	SECTION 2. This act shall become effective November 1, 2024.
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145	145	59-2-9474 MAH 01/12/24