Oklahoma Restores Earned Income Tax Credit Refundability
Oklahoma Governor Kevin Stitt (R) signed legislation restoring refundability to the state Earned Income Tax Credit (EITC) starting in 2022.
Oklahoma’s EITC, set at 5% of the federal credit, was made nonrefundable in 2016 due to a budget shortfall. Restoring refundability will ensure Oklahoma taxpayers receive the full credit, regardless of whether it exceeds the amount of personal state income taxes they owe. According to the Oklahoma Policy Institute, making the credit refundable will benefit more than 200,000 working families.
To learn more about other state-level tax credits across the country, visit our 50-state map here.