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 for married couples filing jointly. In Tax Year 2014, the credit was claimed on nearly 382,000 Oklahoma Tax returns for a total amount of $27.0 million. As of 2018, the maximum federal Child Tax Credit was increased from $1,000 to $1,600 per qualifying child.