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Child Care/Child Tax Credit, What's That?

The Child Tax/Child Care Tax Credit is an Oklahoma tax credit that can be claimed by parents of dependent children. Taxpayers can claim the greater of five percent of the federal Child Tax Credit or twenty percent of the federal Child Care Tax Credit. In both cases, federal adjusted gross income cannot exceed $100,000.  In Tax Year 2012, the credit was claimed on some 379,000 Oklahoma Tax returns for a total amount of $27.4 million.

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