Oklahoma Administrative Code
Title 710 - Oklahoma Tax Commission
Chapter 50 - Income
Subchapter 15 - Oklahoma Taxable Income
Part 5 - OTHER ADJUSTMENTS TO INCOME
Section 710:50-15-69 - Deduction for foster care expenses
Current through Vol. 42, No. 1, September 16, 2024
(a) General provisions. In taxable years beginning after December 31, 2018, an income tax deduction is allowed to individual taxpayers who contract with a child-placing agency to provide care for a foster child.
(b) Deduction. The deduction is for expenses incurred to provide care for a foster child not to exceed Five Thousand Dollars ($5,000.00) or Two Thousand Five Hundred Dollars ($2,500.00) for married persons filing separately.
(c) Qualification. A taxpayer must be under contract with a child-placing agency, as defined in Section 402 of Title 10, for at least six (6) continuous months regardless of the tax year during which the care occurs. If a taxpayer is under contract with a child-placing agency and providing care for a foster child for at least six (6) continuous months, but less than six (6) months of the tax year, taxpayer may claim only a pro rata share of the credit. For example, if a qualifying taxpayer contracts with a child-placing agency and begins providing care for a foster child on May 1, 2018 and ending on March 31, 2019, taxpayer may deduct up to $2,500 (3/6 x $5,000.00) for expenses incurred in 2019 on their 2019 income tax return.
