HB 2590 requires Oklahoma's Office of Management and Enterprise Services to create a standardized form for state agencies evaluating vendors managing federal funds. This form must include specific vendor details like legal name, incorporation jurisdiction, principal officers' names, prior federal fund management experience, recent financial audits, and pending lawsuits. It directly affects state agencies contracting with external vendors for federal fund management. The bill mandates this form be used starting July 1, 2025, to standardize vendor vetting processes.
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 1433 re-creates a revolving fund to support municipal audits conducted by Oklahoma's Special Investigative Unit. The bill specifies funding sources for this fund and sets an effective date of July 1, 2025, with an emergency clause allowing immediate implementation upon approval. It directly affects Oklahoma municipalities requiring audit services and the Special Investigative Unit's operational budget. The bill's core mechanism is establishing this dedicated funding stream to ensure consistent audit capacity for local governments. (Note: The provided context lacks detailed policy provisions beyond the title, effective date, and fund structure.)
SB 304 modifies Oklahoma's individual income tax structure for the 2024 tax year. It establishes new tax brackets with lower rates (0.25% to 4.75% for single filers, 0.25% to 4.75% for married couples filing jointly) compared to prior years, replacing older rates. The bill also limits certain personal exemptions to specific tax years and adjusts standard deduction amounts. These changes directly affect all Oklahoma residents filing individual income tax returns for 2024. The bill updates statutory references and language but does not create new taxes.
HB 1203, the Strategic Bitcoin Reserve Act, would allow Oklahoma's State Treasurer to invest up to 10% of specific state funds (General Fund, Revenue Stabilization Fund, and Constitutional Reserve Fund) in Bitcoin or digital assets with a $500 billion+ market cap, plus approved stablecoins. The bill requires all digital assets to be held through secure custody solutions meeting strict security standards, including multi-party governance and encrypted storage in geographically diverse facilities. It also mandates that taxes paid in Bitcoin be converted to U.S. currency and transferred to the State General Fund, and permits state retirement funds to hold digital assets under similar secure custody rules. The act applies directly to state treasury operations, retirement funds, and tax collection processes. The bill was introduced in 2025 but failed in committee in April 2025.
HB 1539 lowers Oklahoma's individual income tax rates for the 2024 tax year. It reduces the top tax rate from 5.50% to 4.75% for most filers, with new brackets starting at 0.25% on the first $1,000 of income (e.g., 0.75% on the next $1,500 for single filers). The bill affects all Oklahoma residents and nonresidents who file individual income tax returns, applying to taxable income earned in 2024. The change eliminates the previous tiered top rate structure and requires no deduction for federal income taxes paid.
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.
SB 289 modifies Oklahoma's sales tax exemption period for certain museums, directly affecting those institutions by changing how long they can qualify for tax relief on eligible purchases. The bill amends Section 1356 of Oklahoma's tax code to adjust the duration of the exemption, ensuring museums remain exempt from sales tax on qualifying items used for their operations. This change updates the existing exemption framework without altering other established tax exemptions for government entities, schools, or nonprofits listed in the same section. The bill is designated as an emergency measure to expedite implementation.
SB 820 expands Oklahoma's sports league rebate program to include the WNBA, WPF, and NWSL, in addition to the existing NFL, NBA, NHL, and MLB. It allows qualifying professional sports teams (with specific payroll and employment thresholds) to receive quarterly rebates based on verified in-state payroll, capped at $10 million annually per team. The rebate requires teams to maintain operations in Oklahoma for eligibility and repay funds if they leave within three years. The bill is currently under review by the Appropriations and Budget Finance Subcommittee.
