The following changes were made to the Oklahoma tax code for tax year 2024.
- Income levels are adjusted for the top two income tax rate brackets for income tax returns with a filing status of married filing joint, head of household or surviving spouse
- The Oklahoma Bonus Depreciation Deduction was added to Schedule 511-A
- The Oklahoma Deduction for Qualified Equity Investments in an Eligible Oklahoma Venture Capital Company was added to Schedule 511-A.
- The Oklahoma Bonus Depreciation Add-back was added to Schedule 511-B.
- A deduction for Parental Choice Tax Credit payments received for qualified expenses paid for an eligible student to attend an accredited private school, to the extent such payments are included in Federal AGI, was added to Schedule 511-C.
Changes to credits
- The Parental Choice Tax Credit for Homeschool Expenses was added to Form 511. Provide Form 591-D.
- The Caring for Caregivers Credit was added to the Form 511-CR.
- The Volunteer Firefighter Credit was increased from $200 or $400 to $300 or $600, depending on certification and completion of continuing education.
- The definition of “Qualified Employee” for the Credit for Employees in the Aerospace Sector was updated to allow the credit for a person who previously qualified and established the credit and becomes employed by a different qualified employer, or who establishes the credit and becomes employed by a different qualified employer in subsequent years, provided a person in either case has not claimed the credit for the lifetime maximum of five years.
Further Information
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