This bill introduces a new section to the Oklahoma Statutes that establishes tax credits related to child care expenses for employers and qualified child care workers. Specifically, it allows employers to claim a credit equal to 30% of their expenditures on child care expenses for employees, the operation of child care facilities for employees' dependents, or contracts with child care facilities for reservations. Additionally, a refundable credit of $1,000 is provided for qualified child care workers who meet specific employment and educational criteria. The total credit amount for employers is capped at $30,000 per tax year, and the bill prohibits the use of these credits to reduce tax liability below zero.

Furthermore, the bill sets annual limits on the total amount of credits that can be claimed, starting with $5 million for tax year 2028 and adjusting to $14 million in subsequent years. The Oklahoma Tax Commission is tasked with calculating and publishing a percentage reduction for credits claimed to ensure that the total does not exceed these limits. The act is set to take effect on November 1, 2025.