This bill amends Section 2357 of Title 68 of the Oklahoma Statutes, which pertains to income tax credits. It updates statutory references and introduces a provision allowing taxpayers to claim a child tax credit for stillborn children, specifically for tax years beginning in 2027 and thereafter. The credit can be claimed in the tax year when a stillbirth occurs, provided that a certificate of birth resulting in stillbirth has been issued. The amount of the credit is set at five percent of the child tax credit that would have been applicable under the Internal Revenue Code if the child had been a dependent and a member of the taxpayer's household.

Additionally, the bill specifies that the Oklahoma Tax Commission is authorized to create rules to implement these changes. It also retains existing provisions regarding credits for taxes paid to other states and child care expenses, while making minor adjustments to the language and references within the statute. The effective date for this act is set for November 1, 2026.