This bill introduces a new section to the Oklahoma Statutes that provides 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 contracting with child care facilities. Additionally, a refundable credit of $1,000 is available 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 establishes annual limits on the total amount of credits that can be claimed, set at $5 million for tax year 2028 and adjusted to $14 million for subsequent years. The Oklahoma Tax Commission is tasked with calculating and publishing a percentage reduction for credits to ensure that the total does not exceed these limits. The act is set to take effect on November 1, 2025.