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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE BILL 367 By: Boren
AS INTRODUCED
An Act relating to income tax; amending 68 O.S. 2021,
Section 2357.43, which relates to Oklahoma earned
income tax credit; limiting certai n calculation of
credit to certain tax years; clarifying statutory
language; updating statutory references; and
providing an effective date .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 6 8 O.S. 2021, Section 2357.43, is
amended to read as follows:
Section 2357.43. For tax years beginning on or after January 1,
2022 year 2002 and subsequent tax years , there shall be allowed to a
resident individual or a part -year resident individual as a c redit
against the tax imposed by Section 2355 of this title five percent
(5%) of the earned income tax credit allowed under Section 32 of the
Internal Revenue Code of the United States 1986, as amended, 26
U.S.C., Section 32, which for the taxable year beg inning January 1,
2022, and the taxable year beginning each January 1 thereaft er tax
years 2022 through 2025 shall be computed using the same
requirements, other than the five percent (5%) amount to compute the
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credit as prescribed by this section which sh all remain constant, in
effect for computation of the earned income tax credit for federal
income tax purposes for the 2020 income tax year. However, this
credit shall not be paid in advance pursuant to the provisions of
Section 3507 of the Internal Reven ue Code of 1986, as amended. For
tax years which begin on or after January 1, 2022 2002 through 2015
and tax year 2022 and subsequent tax years , if the credit exceeds
the tax imposed by Section 2355 of this title, the excess amount
shall be refunded to th e taxpayer. The maximum earned income tax
credit allowable on the Oklahoma income tax return shall be prorated
on the ratio that Oklahoma adjusted gross income bears to the
federal adjusted gross income.
SECTION 2. This act shall become e ffective November 1, 2025.
60-1-1121 QD 1/6/2025 8:56:54 AM