Income tax credit; providing refundable child tax credit; making child care credit refundable. Effective date.

SB 1388 creates a refundable child tax credit for Oklahoma families with children under 19. It provides $500 per child for taxpayers with adjusted gross income of $70,000 or less, phasing out by $0.15 for every $10 of income above that threshold, and eliminating eligibility above $100,000. The credit applies to tax years beginning in 2027 and is refundable, meaning eligible taxpayers receive a cash payment even if they owe no state income tax. Married filers must include spousal income to determine eligibility and credit amount. This bill directly affects low-to-moderate-income Oklahoma families with qualifying children.