Oklahoma § 46-316 Deduction from taxable income – Exclusion from taxable

Oklahoma Statutes

§ 46-316 — Deduction from taxable income – Exclusion from taxable

Oklahoma § 46-316

Title 46Mortgages

This text of Oklahoma § 46-316 (Deduction from taxable income – Exclusion from taxable) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Okla. Stat. tit. 46, § 46-316 (2026).

Text

income. A.

1.Except as otherwise provided in and subject to the limitations under this act, there shall be deducted from taxable income of an account holder for Oklahoma income tax purposes the amount contributed to a home buyer savings account during each tax year, subject to the limitations of subsection B of this section, not to exceed Five Thousand Dollars ($5,000.00) for an account holder who files an individual tax return or Ten Thousand Dollars ($10,000.00) for joint account holders who file a joint tax return.

2.Except as otherwise provided in this act and subject to the limitations under this section, there shall be excluded from taxable income of an account holder for Oklahoma income tax purposes the amount of earnings, including interest and other income on the principal, from

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income. A. 1. Except as otherwise provided in and subject to the limitations under this act, there shall be deducted from taxable income of an account holder for Oklahoma income tax purposes the amount contributed to a home buyer savings account during each tax year, subject to the limitations of subsection B of this section, not to exceed Five Thousand Dollars ($5,000.00) for an account holder who files an individual tax return or Ten Thousand Dollars ($10,000.00) for joint account holders who file a joint tax return. 2. Except as otherwise provided in this act and subject to the limitations under this section, there shall be excluded from taxable income of an account holder for Oklahoma income tax purposes the amount of earnings, including interest and other income on the principal, from the home buyer savings account during the tax year. 3. An account holder may claim the deduction and exclusion under this subsection: a. for an aggregate total amount of principal and earnings, not to exceed Fifty Thousand Dollars ($50,000.00), and b. only if the principal and earnings of the account remain in the account until a withdrawal is made for eligible costs related to the purchase of a single- family residence by a qualified beneficiary, except as otherwise provided in subsection B of Section 4 of this act. B. A person other than the account holder who deposits funds in a home buyer savings account shall not be entitled to the deduction and exclusion provided for under subsection A of this section. C. The deduction and exclusion from taxable income provided for by this act shall apply to any alternative bases for calculating taxable income for Oklahoma income tax purposes. D. Any funds in a home buyer savings account not expended on eligible costs by December 31 of the last year of a fifteen-year period shall thereafter be included in the account holder's taxable income.