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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
SENATE BILL 998 By: Jett
AS INTRODUCED
An Act relating to income tax credit; providing
credit for members of the Oklahoma Natio nal Guard
that purchase a home; providing amo unt of credit;
providing limit for credit; requiring the Oklahoma
Tax Commission to prescribe certain form; making
credit refundable; limiting credit claims per
individual; authorizing the Tax Commission to
promulgate rules; 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 codifie d
in the Oklahoma Statutes as Section 2357.70 of Title 68, unless
there is created a dup lication in numbering, reads as follows:
A. For tax year 202 4 and subsequent tax year s, there shall be
allowed against the tax imposed by Section 2355 of Title 68 of the
Oklahoma Statutes a credit for ind ividuals that are members of the
Oklahoma Army National Guard or Oklahoma Air National Guard who
purchase a residence in this state.
B. The credit authorized shall be equal to the down payment and
closing costs associated with t he purchase but in no event shall
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exceed Four Thousand Dollars ($4,000.00). T he Oklahoma Tax
Commission shall provide a form for individuals to apply for the
credit and submit verification of down payment and payment of
closing costs.
C. The credit provi ded by this section shall b e refundable. No
more than one credit provided by this section shall be claimed by an
individual.
D. The Oklahoma Tax Commission m ay promulgate rules to
effectuate the provisions of this act.
SECTION 2. This act shall become effective No vember 1, 2023.
59-1-1689 QD 1/19/2023 12:14:12 PM