Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB312 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 312 By: Kirt
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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 individuals who pay rent for their
67	67	residence; limiting the amount of credit rece ived in
68	68	a tax year; providing inflation adjustment; making
69	69	credit refundable; requirin g the Oklahoma Tax
70	70	Commission to provide form; requiring certain
71	71	information; and provi ding an effective date .
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75	75	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLA HOMA:
76	76	SECTION 1. NEW LAW A new section of law to be codified
77	77	in the Oklahoma Statutes as Section 2357.70 of Title 68, unless
78	78	there is created a duplication in numb ering, reads as follows:
79	79	A. For tax year 202 4 and subsequent tax yea rs, there shall be
80	80	allowed against the tax imposed by Section 2355 of Title 68 of the
81	81	Oklahoma Statutes a credit for any individual for rent paid for his
82	82	or her primary residence. The credit allowed shall be refundable
83	83	and shall not exceed One Hundred Ten Dollars ($110.00) for tax year
84	84	2024, and shall be annually adjusted to reflect price inflation as
85	85	measured by the Consumer Price Index for All Urban Consumers and as
86	86	published by the Bureau of Labor Stati stics of the U.S. Department
87	87	of Labor for subsequent tax years.
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139	139	B. The Oklahoma Tax Commission shall provide a form to claim
140	140	the credit. The form shall require information from the in dividual
141	141	including his or her address, the name of the landlord, the re quired
142	142	monthly rent, and the total amount of rent p aid in the tax year.
143	143	SECTION 2. This act shall become effective November 1, 2023.
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145	145	59-1-1379 QD 1/12/2023 6:32:37 PM