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SB 1353 (Senator Standridge)

SB 1353 (Senator Standridge)

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Calls for a new law authorizing tax credits for married couples.
Calls for a new law authorizing tax credits for married couples.

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Categories:Types, Business/Law
Published by: The Equality Network (TEN) on Jan 18, 2014
Copyright:Attribution Non-commercial

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01/18/2014

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 Req. No. 2524 Page 1
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STATE OF OKLAHOMA 2nd Session of the 54th Legislature (2014) SENATE BILL 1353 By: Standridge AS INTRODUCED An Act relating to income tax; authorizing tax credit for legally married taxpayers based on specified schedule; establishing amount of credit; defining terms; limiting amount of credit under certain circumstances; 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 codified in the Oklahoma Statutes as Section 2357.68 of Title 68, unless there is created a duplication in numbering, reads as follows: A. For tax years beginning on or after January 1,2015, there shall be allowed a credit against the tax imposed by Section 2355 of Title 68 of the Oklahoma Statutes, a credit for any taxpayer who is legally married for the number of years specified in the schedule provided in subsection B of this section. B. The amount of the tax credit provided pursuant to subsection A of this section shall be allowed as follows: Years of legal marriage Tax Credit
 
 Req. No. 2524 Page 2
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At least 3 years but less than 6 years $200.00 At least 6 years but less than 9 years $400.00 At least 9 years but less than 12 years $600.00 At least 12 years but less than 15 years $800.00 At least 20 years $1,000.00 2. For each additional five (5) years of legal marriage after the first twenty (20) years an additional Two Hundred Dollars ($200.00) shall be added to the amount stated above for twenty (20) years of legal marriage. C. As used in this section: 1. "Legally married" means a marriage recognized by the State of Oklahoma pursuant to the provisions of Title 43 of the Oklahoma Statutes; 2. "Years of marriage" means the number of tax years during which two individuals have been legally married for the entire 12-month period. D. If two legally married individuals file separate returns for a taxable year in which they could have filed a joint return, each may claim only one-half (1/2) of the tax credit that would have been allowed for a joint return.

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