For taxable years beginning on or after January 1, 2019, there shall be allowed a deduction for a taxpayer who contracts with a child-placing agency, as defined in Section 402 of Title 10 of the Oklahoma Statutes, in the amount of Five Thousand Dollars ($5,000.00) for expenses incurred to provide care for a foster child. Provided: 1. In order to qualify, a taxpayer shall have been under contract and providing care for at least six (6) months, regardless of the tax year during which the care occurs; 2. If the time period during which a taxpayer is under contract and providing care is equal to less than six (6) months of the tax year for which the deduction is being claimed, the taxpayer shall only claim a monthly pro rata share of the annual Five Thousand Dollars ($5,000.00) deduction; and 3. Any married persons filing separately in a year in which they could have filed a joint return may each claim only one-half (1/2) of the tax deduction that would have been allowed for a joint return. Added by Laws 2013, c. 352, § 1, eff. Jan. 1, 2014. Amended by Laws 2014, c. 412, § 1, emerg. eff. June 3, 2014; Laws 2019, c. 264, § 1, eff. Nov. 1, 2019.
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