Income tax; providing credit for certain renters. Effective date.

SB 71 creates a refundable income tax credit for Oklahoma residents who rent their primary residence. It allows a credit of up to $110 for tax year 2026, adjusted annually using the Consumer Price Index for inflation. If the credit exceeds a taxpayer's income tax liability, the excess amount is refunded. The Oklahoma Tax Commission will provide a form requiring renters to report their address, landlord name, monthly rent, and annual rent paid. The bill takes effect November 1, 2025.