Okla. Stat. tit. 68, § 68-2357.27
This is the official text of Okla. Stat. tit. 68, § 68-2357.27, part of Oklahoma’s Stat. tit. 68, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 68,." Browse the sections below, each linked to its official government source.
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Tax credits - Child care services - Definitions
Official statutory text
A. Except as otherwise provided by subsection E or F of this
section, for tax years beginning after December 31, 1998, and ending
before January 1, 2016, there shall be allowed a credit against the
tax imposed by Section 2355 of this title for eligible expenses
incurred by entities primarily engaged in the business of providing
child care services.
Oklahoma Statutes - Title 68. Revenue and Taxation Page 798
B. As used in this section, "eligible expenses" means amounts
paid by an entity primarily engaged in the business of providing
child care services for expenses incurred by the entity to comply
with the standards promulgated by a national accrediting association
recognized by the Department of Human Services and which would not
have been incurred by the entity to comply with the Oklahoma Child
Care Facilities Licensing Act.
C. The credit allowed by subsection A of this section shall be
twenty percent (20%) of the amount of eligible expenses. Such
credit shall not be allowed for any amounts for which the entity
claims or receives an income tax credit, exemption or deduction.
D. Any credits allowed but not used in any tax year may be
carried over in order to each of the four (4) tax years following
the year of qualification.
E. No credit otherwise authorized by the provisions of this
section may be claimed for any event, transaction, investment,
expenditure or other act occurring on or after July 1, 2010, for
which the credit would otherwise be allowable. The provisions of
this subsection shall cease to be operative on July 1, 2012.
Beginning July 1, 2012, the credit authorized by this section may be
claimed for any event, transaction, investment, expenditure or other
act occurring on or after July 1, 2012, according to the provisions
of this section.
F. No credit otherwise authorized by the provisions of this
section may be claimed for any event, transaction, investment,
expenditure or other act occurring on or after January 1, 2016, for
which the credit would otherwise be allowable.
section, for tax years beginning after December 31, 1998, and ending
before January 1, 2016, there shall be allowed a credit against the
tax imposed by Section 2355 of this title for eligible expenses
incurred by entities primarily engaged in the business of providing
child care services.
Oklahoma Statutes - Title 68. Revenue and Taxation Page 798
B. As used in this section, "eligible expenses" means amounts
paid by an entity primarily engaged in the business of providing
child care services for expenses incurred by the entity to comply
with the standards promulgated by a national accrediting association
recognized by the Department of Human Services and which would not
have been incurred by the entity to comply with the Oklahoma Child
Care Facilities Licensing Act.
C. The credit allowed by subsection A of this section shall be
twenty percent (20%) of the amount of eligible expenses. Such
credit shall not be allowed for any amounts for which the entity
claims or receives an income tax credit, exemption or deduction.
D. Any credits allowed but not used in any tax year may be
carried over in order to each of the four (4) tax years following
the year of qualification.
E. No credit otherwise authorized by the provisions of this
section may be claimed for any event, transaction, investment,
expenditure or other act occurring on or after July 1, 2010, for
which the credit would otherwise be allowable. The provisions of
this subsection shall cease to be operative on July 1, 2012.
Beginning July 1, 2012, the credit authorized by this section may be
claimed for any event, transaction, investment, expenditure or other
act occurring on or after July 1, 2012, according to the provisions
of this section.
F. No credit otherwise authorized by the provisions of this
section may be claimed for any event, transaction, investment,
expenditure or other act occurring on or after January 1, 2016, for
which the credit would otherwise be allowable.
Status: in_force · Read it on the official government site
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