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