This bill establishes a new income tax credit for individuals 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. 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, landlord's name, required monthly rent, and total rent paid during the tax year.

The bill aims to provide financial relief to renters by allowing them to receive a tax credit, thereby supporting housing affordability in Oklahoma. It will take effect on November 1, 2025, and is intended to be codified as Section 2357.802 of Title 68 in the Oklahoma Statutes.