This bill establishes a new income tax credit for employers who make payments on their employees' student loan debt, effective for tax year 2026 and beyond. The credit will amount to thirty percent (30%) of the payments made by the employer towards the employee's student loans. However, the bill stipulates that this credit cannot reduce the taxpayer's income tax liability to less than zero, and any unused credit can be carried forward for up to ten subsequent tax years.

Additionally, the Oklahoma Tax Commission is tasked with prescribing the necessary forms for claiming this credit and may require specific documentation to support the claims. The bill is set to take effect on November 1, 2025, and aims to provide financial relief to both employers and employees managing student loan debt.