STATE OF OKLAHOMA

2nd Session of the 52nd Legislature (2010)

SENATE BILL 1894	By:	Sweeden

AS INTRODUCED

An Act relating to revenue and taxation; providing income tax credit for purchase of residence which qualifies for specified federal income tax credit during certain tax year; setting amount of credit; defining term; limiting amount of credit; authorizing carryforward of unused credit; 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 2357.305 of Title 68, unless there is created a duplication in numbering, reads as follows:
A.  1.  For the tax year beginning on January 1, 2010, and ending on December 31, 2010, there shall be allowed against the tax imposed by Section 2355 of Title 68 of the Oklahoma Statutes, a credit for any qualifying taxpayer who claims a federal income tax credit for tax year 2010 for the purchase of a residence under the “exception for long-time residents of same principal residence” provision pursuant to the federal Worker, Homeownership and Business Assistance Act of 2009.  The amount of the credit shall be equal to One Thousand Dollars ($1,000.00) for each taxpayer who claims such federal income tax credit.
2.  For purposes of this section, “qualifying taxpayer” means a taxpayer who qualifies for and claims the federal income tax credit under the “exception for long-time residents of same principal residence” pursuant to the federal Worker, Homeownership and Business Assistance Act of 2009.
B.  In no event shall the amount of the credit exceed the amount of any tax liability of the taxpayer.
C.  Any credits allowed but not used in any tax year may be carried over, in order, to each of the four (4) years following the year of qualification.
SECTION 2.  This act shall become effective January 1, 2011.

52-2-3033	JCR	1/13/2010 10:48:14 AM