Income tax; modifying calculation of the Oklahoma earned income tax credit. Effective date.

SB 367 modifies Oklahoma's earned income tax credit (EITC) calculation by setting it at 5% of the federal EITC amount under Section 32 of the Internal Revenue Code. This change applies to tax years beginning January 1, 2022, and later, directly affecting Oklahoma residents who qualify for the EITC - primarily low-to-moderate income workers and families. The bill clarifies that excess credit beyond state tax liability will be refunded, removes the option for advance payment, and updates statutory references. It becomes effective November 1, 2025.