Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB998 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 998 By: Jett
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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 members of the Oklahoma Natio nal Guard
67	67	that purchase a home; providing amo unt of credit;
68	68	providing limit for credit; requiring the Oklahoma
69	69	Tax Commission to prescribe certain form; making
70	70	credit refundable; limiting credit claims per
71	71	individual; authorizing the Tax Commission to
72	72	promulgate rules; providing for codification; and
73	73	providing an effective date .
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79	79	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
80	80	SECTION 1. NEW LAW A new section of law to be codifie d
81	81	in the Oklahoma Statutes as Section 2357.70 of Title 68, unless
82	82	there is created a dup lication in numbering, reads as follows:
83	83	A. For tax year 202 4 and subsequent tax year s, there shall be
84	84	allowed against the tax imposed by Section 2355 of Title 68 of the
85	85	Oklahoma Statutes a credit for ind ividuals that are members of the
86	86	Oklahoma Army National Guard or Oklahoma Air National Guard who
87	87	purchase a residence in this state.
88	88	B. The credit authorized shall be equal to the down payment and
89	89	closing costs associated with t he purchase but in no event shall
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141	141	exceed Four Thousand Dollars ($4,000.00). T he Oklahoma Tax
142	142	Commission shall provide a form for individuals to apply for the
143	143	credit and submit verification of down payment and payment of
144	144	closing costs.
145	145	C. The credit provi ded by this section shall b e refundable. No
146	146	more than one credit provided by this section shall be claimed by an
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148	148	D. The Oklahoma Tax Commission m ay promulgate rules to
149	149	effectuate the provisions of this act.
150	150	SECTION 2. This act shall become effective No vember 1, 2023.
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152	152	59-1-1689 QD 1/19/2023 12:14:12 PM