This bill introduces a new section to the Oklahoma Statutes that provides tax credits for employers and qualified child care workers related to child care expenses. Specifically, it allows employers to claim a credit for a percentage of their expenditures on child care services for employees, including costs associated with operating a child care facility, contracting with a facility, or constructing a facility for child care services. For tax years 2026 through 2030, the bill establishes a credit limit of $30,000 for employers and a refundable credit of $1,000 for qualified child care workers who meet specific employment and educational criteria.

Additionally, the bill sets annual limits on the total amount of credits that can be claimed, with a cap of $5 million for tax year 2028 and subsequent years, which can be adjusted based on the amount of credits claimed in previous years. The Oklahoma Tax Commission is tasked with calculating and publishing the necessary adjustments to ensure that the total credits do not exceed the established limits. The act is set to take effect on November 1, 2025.