This bill establishes a new income tax credit for individuals in Oklahoma who pay rent for their primary residence, effective for taxable years beginning on or after January 1, 2026. The credit will be refundable and initially set at a maximum of $110 for the tax year 2026, with annual adjustments based on inflation as measured by the Consumer Price Index for All Urban Consumers (CPI-U).

Additionally, the Oklahoma Tax Commission is tasked with providing a form for individuals to claim this credit, which will require specific information such as the individual's address, the landlord's name, the required monthly rent, and the total rent paid during the tax year. The bill is set to take effect on November 1, 2025.