Oklahoma § 68-2358.5-1 Deduction for fostering children.

Oklahoma Statutes

§ 68-2358.5-1 — Deduction for fostering children.

Oklahoma § 68-2358.5-1

Title 68Revenue And Taxation

This text of Oklahoma § 68-2358.5-1 (Deduction for fostering children.) 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. 68, § 68-2358.5-1 (2026).

Text

For taxable years beginning on or after January 1, 2019, there shall be allowed a deduction for a taxpayer who contracts with a child-placing agency, as defined in Section 402 of Title 10 of the Oklahoma Statutes, in the amount of Five Thousand Dollars ($5,000.00) for expenses incurred to provide care for a foster child. Provided: 1. In order to qualify, a taxpayer shall have been under contract and providing care for at least six (6) months, regardless of the tax year during which the care occurs; 2. If the time period during which a taxpayer is under contract and providing care is equal to less than six (6) months of the tax year for which the deduction is being claimed, the taxpayer shall only claim a monthly pro rata share of the annual Five Thousand Dollars ($5,000.00) deduction; and 

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For taxable years beginning on or after January 1, 2019, there shall be allowed a deduction for a taxpayer who contracts with a child-placing agency, as defined in Section 402 of Title 10 of the Oklahoma Statutes, in the amount of Five Thousand Dollars ($5,000.00) for expenses incurred to provide care for a foster child. Provided: 1. In order to qualify, a taxpayer shall have been under contract and providing care for at least six (6) months, regardless of the tax year during which the care occurs; 2. If the time period during which a taxpayer is under contract and providing care is equal to less than six (6) months of the tax year for which the deduction is being claimed, the taxpayer shall only claim a monthly pro rata share of the annual Five Thousand Dollars ($5,000.00) deduction; and 3. Any married persons filing separately in a year in which they could have filed a joint return may each claim only one-half (1/2) of the tax deduction that would have been allowed for a joint return.

Legislative History

Added by Laws 2013, c. 352, § 1, eff. Jan. 1, 2014. Amended by Laws 2014, c. 412, § 1, emerg. eff. June 3, 2014; Laws 2019, c. 264, § 1, eff. Nov. 1, 2019.