Income tax; providing credit for certain housing expenses. Effective date.

SB 101 creates an income tax credit for Oklahoma residents paying rent or mortgage on their primary residence. It provides refundable credits ranging from $1,000 to $7,000 based on household income (as a percentage of Oklahoma's state median income) and the number of dependents. The credit applies to tax years starting in 2026, with limits of one credit per residence and refunding excess amounts if the credit exceeds the tax owed. This directly benefits low-to-moderate-income Oklahoma households struggling with housing costs. The bill takes effect November 1, 2025.