§ 316. Deduction from taxable income--Exclusion from taxable income
Oklahoma Statutes AnnotatedTitle 46. MortgagesEffective: January 1, 2020
Effective: January 1, 2020
46 Okl.St.Ann. § 316
§ 316. Deduction from taxable income--Exclusion from taxable income
A. 1. Except as otherwise provided in and subject to the limitations under this act,1 there shall be deducted from taxable income of an account holder for Oklahoma income tax purposes the amount contributed to a home buyer savings account during each tax year, subject to the limitations of subsection B of this section, not to exceed Five Thousand Dollars ($5,000.00) for an account holder who files an individual tax return or Ten Thousand Dollars ($10,000.00) for joint account holders who file a joint tax return.
2. Except as otherwise provided in this act and subject to the limitations under this section, there shall be excluded from taxable income of an account holder for Oklahoma income tax purposes the amount of earnings, including interest and other income on the principal, from the home buyer savings account during the tax year.
b. only if the principal and earnings of the account remain in the account until a withdrawal is made for eligible costs related to the purchase of a single-family residence by a qualified beneficiary, except as otherwise provided in subsection B of Section 4 of this act.2
Credits
Laws 2019, c. 186, § 6, eff. Jan. 1, 2020.
46 Okl. St. Ann. § 316, OK ST T. 46 § 316
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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