Income tax; providing credit for certain housing expenses. Effective date.

SB 101 creates an income tax credit for Oklahoma residents paying rent or mortgage on their primary home within the state. It directly affects low-to-moderate income households, with credit amounts ranging from $1,000 to $7,000 based on household income (capped at 80% of Oklahoma's median income) and the number of dependents. The credit is refundable, meaning taxpayers receive a refund if the credit exceeds their tax liability. The bill takes effect November 1, 2025, and limits the credit to one residence per tax year.