Okla. Stat. tit. 68, § 68-2357.27: Tax credits - Child care services - Definitions

A. Except as otherwise provided by subsection E or F of this

section, for tax years beginning after December 31, 1998, and ending

before January 1, 2016, there shall be allowed a credit against the

tax imposed by Section 2355 of this title for eligible expenses

incurred by entities primarily engaged in the business of providing

child care services.

B. As used in this section, "eligible expenses" means amounts

paid by an entity primarily engaged in the business of providing

child care services for expenses incurred by the entity to comply

with the standards promulgated by a national accrediting association

recognized by the Department of Human Services and which would not

have been incurred by the entity to comply with the Oklahoma Child

Care Facilities Licensing Act.

C. The credit allowed by subsection A of this section shall be

twenty percent (20%) of the amount of eligible expenses. Such

credit shall not be allowed for any amounts for which the entity

claims or receives an income tax credit, exemption or deduction.

D. Any credits allowed but not used in any tax year may be

carried over in order to each of the four (4) tax years following

the year of qualification.

E. No credit otherwise authorized by the provisions of this

section may be claimed for any event, transaction, investment,

expenditure or other act occurring on or after July 1, 2010, for

which the credit would otherwise be allowable. The provisions of

this subsection shall cease to be operative on July 1, 2012.

Beginning July 1, 2012, the credit authorized by this section may be

claimed for any event, transaction, investment, expenditure or other

act occurring on or after July 1, 2012, according to the provisions

of this section.

F. No credit otherwise authorized by the provisions of this

section may be claimed for any event, transaction, investment,

expenditure or other act occurring on or after January 1, 2016, for

which the credit would otherwise be allowable.