Okla. Admin. Code § 710:50-15-120

Current through Vol. 42, No. 7, December 16, 2024

Section 710:50-15-120 - Caring for Caregivers Credit

(a)General provisions. For tax years beginning on or after January 1, 2024, a nonrefundable income tax credit is allowed in the amount of 50% for eligible expenditures incurred by a family caregiver for the care and support of an eligible family member. The amount of the credit is 50% of the eligible expenditures not to exceed Two Thousand Dollars ($2,000.00) per eligible family member. If the eligible family member is a veteran or has a diagnosis of dementia from a health care professional, the amount of the credit cannot exceed Three Thousand Dollars ($3,000.00).

(b)Definitions. For purposes of this Section, "activities of daily living", "eligible expenditure", "eligible family member", and "family caregiver" mean the same as these terms are defined in 68 O.S. 2023, § 2357.801(A).

(c)Multiple caregivers. If two or more family caregivers claim the tax credit for the same eligible family member, the maximum allowable credit shall be allocated in equal amounts between each of the family caregivers.

(d)Verification. OTC Form 592 must be filed with each claimant's tax return, along with any other information or documentation the Tax Commission may require, such as receipts to support the claimed expenses, proof of veteran status and/or documentation to support a diagnosis of dementia for the eligible family member.

(e)Limitation of credit. The total credits authorized shall not exceed One Million Five Hundred Thousand Dollars ($1,500,000.00) annually. The Oklahoma Tax Commission shall calculate and publish, by the first day of the affected year, a percentage by which the credits shall be reduced so the total amount of credits used to offset tax does not exceed One Million Five Hundred Thousand Dollars ($1,500,000.00) per year.

Okla. Admin. Code § 710:50-15-120

Adopted by Oklahoma Register, Volume 41, Issue 22, August 1, 2024, eff. 8/11/2024