2022 Oklahoma Statutes
Title 68. Revenue and Taxation
§68-2357.601. XXX.
A. As used in this section, "nonrecurring adoption expenses" means adoption fees, court costs, medical expenses, attorney fees, and expenses which are directly related to the legal process of adoption of a child including, but not limited to, costs relating to the adoption study, health and psychological examinations, transportation, and reasonable costs of lodging and food for the child or adoptive parents which are incurred to complete the adoption process and are not reimbursed by other sources. The term nonrecurring adoption expenses shall not include attorney fees incurred for the purpose of litigating a contested adoption, from and after the point of the initiation of the contest, costs associated with physical remodeling, renovation, and alteration of the adoptive parents' home or property, except for a special needs child as authorized by the court.
B. For taxable years beginning on or after January 1, 2023, there shall be allowed a credit against the tax imposed pursuant to Section 2355 of Title 68 of the Oklahoma Statutes for nonrecurring adoption expenses paid by a resident individual taxpayer in connection with:
1. The adoption of a minor; or
2. A proposed adoption of a minor which did not result in a decreed adoption.
C. The amount of the tax credit authorized by this section shall be equal to ten percent (10%) of the qualified expenses but the credit amount shall not exceed Two Thousand Dollars ($2,000.00) per calendar year with respect to single filing status or married filing separate income tax returns and shall not exceed Four Thousand Dollars ($4,000.00) per calendar year with respect to married filing joint return filing status.
D. The Oklahoma Tax Commission shall promulgate rules to implement the provisions of this section which shall contain a specific list of nonrecurring adoption expenses which may be presumed to qualify for the tax credit. The Tax Commission shall prescribe necessary requirements for verification.
Added by Laws 2022, c. 341, § 1, eff. Nov. 1, 2022.
