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

SB 71 creates an income tax credit for Oklahoma renters, directly affecting individuals who pay rent for their primary residence. It allows a credit of up to $110 for 2026 (adjusted annually for inflation based on the Consumer Price Index), which becomes refundable if it exceeds the taxpayer's income tax liability. The Oklahoma Tax Commission must provide a form requiring renters to submit their address, landlord name, monthly rent, and annual rent total to claim the credit. The bill takes effect November 1, 2025, and applies to tax years beginning in 2026.