Income tax credit; providing certain tax credit. Effective date.
SB 291 creates a refundable income tax credit for Oklahoma residents based on revenue growth from oil, natural gas, and corporate income taxes. If the State Board of Equalization certifies that revenue growth exceeds 10% in a year, the Oklahoma Tax Commission calculates a credit amount using a formula based on the number of individual and married-filing-jointly tax returns from the prior year. The credit is doubled for married couples filing jointly, and the Commission must publish the calculated amount within 45 days of certification. The credit applies to tax years starting in 2026, with a November 1, 2025 effective date.
Bill status
passed
3 of 5 stages cleared
Introduction
Feb 2025
Committee Review
Apr 2025
Senate Passage
Mar 2025
House Passage
Governor
Introduced Feb 3, 2025
Last action Apr 10, 2025
Maddy AI version diff · 2 comparisons
What changed between versions
Engrossed
→
Floor (Senate)
·
4 edits
MODERATE
The bill text was reformatted from 'Engrossed' to 'Senate Floor Version' with updated headers and page numbers. The substantive legislative content regarding income tax credits, revenue calculations, and State Board of Equalization duties remains unchanged. No policy, funding, or eligibility modifications were made.
TECHNICAL
Document headers changed from 'ENGROSSED SENATE' to 'SENATE FLOOR VERSION' with updated date and version identifiers
Page footer text updated from 'ENGR. S. B. NO. 291' to 'SENATE FLOOR VERSION - SB291 SFLR'
Added note indicating bold face denotes Committee Amendments
Minor whitespace adjustments in section numbering and spacing throughout the document
Floor votes · Senate Mar 25, 2025
How they voted
39–8
Passed · 2 other
Total votes 49
Mar 25, 2025
D
Democratic9
88% Nay
R
Republican40
95% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
18
Key actions
5
Committee
6
Apr 10, 2025
Lower · Passed
Recommendation to the full committee; Do Pass Appropriations and Budget Finance Subcommittee
lower
Apr 2, 2025
Committee
Referred to Appropriations and Budget Finance Subcommittee
lower
Mar 26, 2025
Introduced
First Reading
lower
Mar 26, 2025
Upper · Passed
Engrossed to House
upper
Mar 25, 2025
Committee
Referred for engrossment
upper
Mar 25, 2025
Upper · Passed
Measure passed: Ayes: 37 Nays: 8
upper
Mar 5, 2025
Upper · Passed
Reported Do Pass as amended Appropriations committee; CR filed
upper
Feb 24, 2025
Committee
Referred to Appropriations
upper
Feb 24, 2025
Upper · Passed
Reported Do Pass Revenue and Taxation committee; CR filed
upper
Feb 3, 2025
Introduced
First Reading
upper
2 primary · 0 co-sponsors
Sponsors
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