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 credit cannot reduce the taxpayer's income tax liability to below zero, and any unused credit can be carried forward for up to ten subsequent tax years.

Additionally, the bill mandates that the Oklahoma Tax Commission will prescribe the necessary forms for claiming the credit and may require specific documentation to support the claims. The legislation is set to take effect on November 1, 2025.