HB 2407 creates a $2 million revolving fund in the Oklahoma State Treasury, managed by the Department of Commerce, to provide grants for qualifying Main Street programs. To receive funding, a Main Street must first be designated by Oklahoma's Main Street Program, maintain that designation, and submit annual proof of eligibility. The grant funds, appropriated from the General Revenue Fund for fiscal year 2026, may be used for operational costs but cannot be relied upon for ongoing operations. The bill requires reallocation of unclaimed funds if a recipient loses their Main Street designation, effective July 1, 2025.
HB 1092 creates a $7,500 annual tax credit for Oklahoma residents who complete qualifying trade or vocational programs (such as HVAC, plumbing, or welding training) at approved Oklahoma schools. The credit, available for taxable years starting January 1, 2026, offsets income tax liability up to the actual tuition cost paid (whichever is lower), but cannot reduce tax below zero. Unused portions may carry forward for up to three years, and the credit can only be claimed once per individual after receiving program certification. This policy directly supports Oklahoma residents pursuing in-demand technical careers by reducing the cost of vocational education.
HB 2745 creates new tax deductions for Oklahoma banks and credit unions that earn interest on qualifying agricultural and housing loans. It allows institutions to deduct up to $500,000 annually (for those with over $750 million in Oklahoma deposits) or $250,000 (for smaller institutions) from their privilege tax bill. The deductions apply to interest earned on agricultural real estate loans, agricultural operating loans, and single-family residence loans made between 2025 and 2028. Total deductions across all institutions are capped at $5 million per year, with annual adjustments to maintain this limit.
HB 2402 would create tax breaks and grants to attract manufacturers of low-temperature waste heat electrification technology (recovering heat below 200°C) to Oklahoma. Companies investing $10 million+ with 50+ new jobs would get up to 30% corporate tax breaks for five years (renewable), while larger investments ($20 million+ with 100+ jobs) qualify for 50% breaks. The state would cap annual spending at $8 million, with unused funds rolling over, and prioritize grants for facilities in economic development zones or energy-sector projects. Manufacturers must meet specific technology standards, submit job/investment plans, and report annually on progress to the Oklahoma Department of Commerce.
HB 2169 increases fees for money transmission businesses (like Western Union or MoneyGram) operating in Oklahoma. It requires a $5-$10 fee per transaction under $500, plus 1-2% on amounts over $500, with quarterly payments to the Oklahoma Tax Commission. The fees fund a Drug Money Laundering Revolving Fund, and businesses must notify customers they can claim a tax credit for the fee when filing income taxes. The law takes effect November 1, 2025, and includes enforcement measures like license suspensions for non-compliance.
HB 1760 creates tax credits for Oklahoma taxpayers who contribute to eligible scholarship-granting or educational improvement organizations. It allows a 50% tax credit (up to $1,000 for individuals, $2,000 for married couples, $100,000 for businesses) on contributions, increasing to 75% for those making a multi-year commitment with written proof. The bill also modifies how credits are allocated to business owners and requires annual financial reporting from participating organizations. These credits are subject to annual caps established by the Oklahoma Tax Commission.
HB 1104 allows Oklahoma counties with fewer than 200,000 residents to levy a 3% lodging tax on hotels and motels (excluding campsites) to fund county-owned tourism facilities. The tax requires voter approval via election or petition and must be deposited exclusively into a dedicated tourism fund, not general county revenue. Counties may not impose this tax within municipalities that already collect their own lodging tax. The bill specifies the tax must fund tourism promotion, advertising, or facility development, with proceeds restricted to these purposes only. It becomes effective November 1, 2025, pending voter approval.
