{"data":{"id":"us-ok/okla.-stat.-tit.-46-46-316","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 46, § 46-316","heading":"Deduction from taxable income – Exclusion from taxable","body":"income.\n\nA. 1. Except as otherwise provided in and subject to the\n\nlimitations under this act, there shall be deducted from taxable\n\nincome of an account holder for Oklahoma income tax purposes the\n\namount contributed to a home buyer savings account during each tax\n\nyear, subject to the limitations of subsection B of this section,\n\nnot to exceed Five Thousand Dollars ($5,000.00) for an account\n\nholder who files an individual tax return or Ten Thousand Dollars\n\n($10,000.00) for joint account holders who file a joint tax return.\n\n2. Except as otherwise provided in this act and subject to the\n\nlimitations under this section, there shall be excluded from taxable\n\nincome of an account holder for Oklahoma income tax purposes the\n\namount of earnings, including interest and other income on the\n\nprincipal, from the home buyer savings account during the tax year.\n\n3. An account holder may claim the deduction and exclusion\n\nunder this subsection:\n\na. for an aggregate total amount of principal and\n\nearnings, not to exceed Fifty Thousand Dollars\n\n($50,000.00), and\n\nb. only if the principal and earnings of the account\n\nremain in the account until a withdrawal is made for\n\neligible costs related to the purchase of a single-\n\nfamily residence by a qualified beneficiary, except as\n\notherwise provided in subsection B of Section 4 of\n\nthis act.\n\nB. A person other than the account holder who deposits funds in\n\na home buyer savings account shall not be entitled to the deduction\n\nand exclusion provided for under subsection A of this section.\n\nC. The deduction and exclusion from taxable income provided\n\nfor by this act shall apply to any alternative bases for calculating\n\ntaxable income for Oklahoma income tax purposes.\n\nD. Any funds in a home buyer savings account not expended on\n\neligible costs by December 31 of the last year of a fifteen-year\n\nperiod shall thereafter be included in the account holder's taxable\n\nincome.","path":["OK Code","Title 46"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os46.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"748a8763a7fc6985eca9d023b9b03a626cfe740bfd0d211652e314a56bcefaff","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-46-46-315","next":"us-ok/okla.-stat.-tit.-46-46-317"},"notice":"GroundRules: Original legal text. Not legal advice."}