Senate Bill No. 223 amends Section 2357 of the Oklahoma income tax code to update statutory references and introduce a new provision regarding the child tax credit. The bill allows taxpayers to claim a child tax credit for stillborn children, provided that a certificate of birth resulting in stillbirth has been issued. This credit can be claimed only in the tax year in which the stillbirth occurred and is set at five percent of the child tax credit that would be allowed under the Internal Revenue Code if the child were a dependent. Additionally, the Oklahoma Tax Commission is authorized to promulgate rules to enforce this new provision.

The bill also modifies existing language regarding credits for child care expenses and child tax credits, specifying that for tax years beginning after December 31, 2007, residents can claim either twenty percent of the child care credit or five percent of the child tax credit, whichever is greater, with certain income limitations. The effective date for this act is set for November 1, 2025.