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.
SB 572 ends Oklahoma's technology business financing program, which previously provided funding to help local businesses commercialize innovations. The bill requires all remaining program funds and annual royalty payments (from businesses that received funding) to be transferred to the state's General Revenue Fund by November 1, 2025. This affects OCAST (the Oklahoma Center for the Advancement of Science and Technology), businesses that had received program funding, and state finances. The program officially ceases upon the bill's effective date, redirecting all unused funds to general state revenue.
SB 48 limits when Oklahoma taxpayers can deduct certain capital gains from their state income tax. It specifically restricts the deduction for "qualifying gains receiving capital treatment" to only certain tax years, affecting individuals and businesses with capital gains transactions. The bill amends Oklahoma's tax code (68 O.S. 2021, Section 2358) to update the rules governing these deductions, ensuring they align with specific tax year parameters. This change modifies how capital gains are treated for state tax purposes without altering federal tax rules.
This Oklahoma bill creates a tax credit program to encourage converting old, vacant buildings into housing. Property owners can claim up to 50% of qualified costs (like environmental cleanup, code upgrades, or system repairs) for adaptive reuse projects on structures at least 30 years old that have been vacant or underutilized (with rent below 50% of market rate). The program has a $5 million annual cap on approved credits, with unused funds carried forward to future years. Credits cannot reduce tax liability below zero but may be carried forward for up to 10 years. The Oklahoma Department of Commerce and Tax Commission will administer the program and prioritize projects based on local housing needs.
SB 678 creates a state fund to reimburse Oklahoma counties for lost property tax revenue when centrally assessed properties (like oil/gas facilities) decrease in value. Counties qualify if they lose at least $250,000 in annual tax collections from these properties, receiving 25% of the loss for the first two years after the valuation drop. Reimbursement funds prioritize school districts first, with remaining funds going to counties. The bill appropriates $2 million from the General Revenue Fund to start the fund, effective July 2025.
SB 554 would require Oklahoma school districts to provide stipends (one-time payments) instead of regular salary increases to teachers holding specific certifications, such as out-of-state, international, or National Board for Professional Teaching Standards credentials. The bill prohibits these stipends from being counted toward future salary calculations or raises. It amends existing teacher certification laws to clarify that compensation for these certified teachers must follow this stipend structure rather than standard salary progression. This change directly affects teachers with the specified certifications who currently qualify for salary-based increases under Oklahoma law.
SB 367 modifies Oklahoma's earned income tax credit (EITC) calculation for tax years 2022 through 2025. It sets the state credit at 5% of the federal EITC amount and requires that the maximum credit be prorated based on how much a taxpayer's Oklahoma-adjusted gross income compares to their federal adjusted gross income. This change directly affects low-to-moderate income Oklahoma residents who claim the state EITC on their tax returns. The bill takes effect November 1, 2025.
SB 472, titled "Oklahoma Parental Choice Tax Credit Act; expanding scope of scholarships while participating in the program," was withdrawn from committee on February 19, 2025, and is no longer active. The bill's original intent, as reflected in its title, was to expand tax credit eligibility for education scholarships under Oklahoma's parental choice program. However, with the title stricken and the bill withdrawn, no legislative action or policy changes were enacted. This procedural withdrawal means the proposed expansion of scholarship access did not advance.
SB 240 modifies Oklahoma's school funding formula by increasing the percentage of state education funds retained for midyear adjustments from 1.5% to 4%. It updates how State Aid is calculated using actual tax collections, adjusted assessed valuation, and weighted average daily membership (ADM) from the previous year. The bill affects all Oklahoma public school districts by changing their allocation method and removing outdated provisions related to tax calculations and reporting requirements. These changes aim to improve the accuracy of funding distributions while streamlining administrative processes.
SB 164 authorizes the Oklahoma Lottery Commission to implement and regulate sports betting pools, directly affecting licensed retailers and the commission itself. It creates new licensing criteria for businesses offering sports pools (wagering on sports outcomes via in-person or mobile platforms), requires licensing fees, and mandates annual reports and audits. The bill establishes a dedicated "Sports Pools Fund" to channel revenue from these bets into the state's education funding system, replacing previous prohibitions on such betting. This policy change expands the lottery's offerings beyond traditional games, adding a new revenue stream for educational programs while setting specific operational rules.
