Budget & Taxes

in committee · Oklahoma · Senate Feb 20, 2025

SB 1124: Sinking funds; requiring levy sufficient for timely redemption; prohibiting issuance for certain period if redeemed below par. Effective date.

SB 1124 requires Oklahoma school districts (excluding technology centers) to set property tax levies high enough to fully redeem bonds and pay interest within the originally proposed timeframe. If a bond is redeemed early at a discount (below par), the district must reduce its tax levy to zero for one full tax year and cannot issue new bonds for the same purpose for one year. The State Auditor enforces these rules, and non-compliant districts must transfer 10% of state aid to an education fund, or face limits on future bond issuance. The bill takes effect November 1, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill enforces fiscal responsibility by mandating sufficient tax levies for bond redemption, penalizing underfunding through levy reductions and bond issuance bans, aligning with promoting fiscal management.95% confidence

Sub-Topics Audits & Accountability Debt & Bonds Property Tax

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in committee · Oklahoma · Senate Feb 6, 2025

SB 295: Income tax; modifying certain income tax rate for certain tax years. Effective date.

SB 295 lowers Oklahoma's top individual income tax rate for tax years beginning in 2024. It reduces the top rate from 5.50% to 4.75% for both single filers and married couples filing jointly (including heads of households). This change applies to all Oklahoma residents and nonresidents who file state income tax returns for the 2024 tax year. The bill modifies existing tax brackets but does not alter the income thresholds where the top rate applies.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill reduces top income tax rate (5.50% to 4.75%), weakening state revenue and contradicting fiscal responsibility indicators for Budget & Taxes.90% confidence

Sub-Topics Business Taxes Income Tax

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died · Oklahoma · Senate Mar 3, 2025

SB 239: Income tax; limiting credit allowance for zero-emission facilities to certain tax years; limiting carry forward of credit. Effective date.

SB 239 modifies Oklahoma's tax credit for electricity generated by zero-emission facilities (like wind, solar, hydro, or geothermal power plants). It limits the credit to tax years ending by 2025, ending the ability to carry forward unused credits beyond that year. For credits claimed after July 2019, taxpayers must choose between receiving an 85% direct refund or carrying the credit forward for up to 10 years (ending in 2025). This bill directly affects businesses and entities generating eligible renewable electricity in Oklahoma, altering how they can use or access these tax credits.

Topics ✗ Budget & TaxesOpposes Budget & TaxesLimits tax credit carry-forward beyond 2025, restricting tax benefits for businesses generating zero-emission energy.90% confidence ✗ EnergyOpposes EnergyBill limits tax credit carry-forward for zero-emission facilities beyond 2025, restricting long-term incentives for renewable energy projects.92% confidence ✗ EnvironmentOpposes EnvironmentLimits tax credit duration for clean energy facilities, ending carry-forwards after 2025, weakening long-term incentives for zero-emission power generation.95% confidence

Sub-Topics Income Tax Tax Credits Solar

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in committee · Oklahoma · House Feb 19, 2026

HB 2942: Revenue and taxation; Health Care Sharing Ministry Tax Parity Act; definitions; income tax deduction; effective date.

HB 2942, the "Health Care Sharing Ministry Tax Parity Act," allows Oklahoma residents who are active members of Health Care Sharing Ministries (HCSMs) to deduct their qualified health care sharing expenses from their state income tax starting in 2027. It directly affects Oklahoma residents using HCSMs - non-profit organizations that share medical costs based on shared ethical or religious beliefs - by granting them tax treatment similar to health insurance premiums. Key provisions include permitting deductions for self-employed individuals and employer contributions (treated as nontaxable benefits), requiring documentation to claim the deduction, and ensuring funds received from HCSMs are not considered taxable income. The bill takes effect November 1, 2026, with the Oklahoma Tax Commission overseeing implementation and reporting.

Topics ✗ Budget & TaxesOpposes Budget & TaxesCreates new tax deduction for HCSM members, reducing state tax revenue and expanding tax breaks beyond standard health insurance.95% confidence ✓ HealthcareSupports HealthcareAllows tax deduction for HCSM expenses, treating them like insurance premiums, expanding tax-advantaged healthcare access for religious/ethical groups.90% confidence

Sub-Topics Income Tax Insurance

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passed · Oklahoma · Senate Mar 31, 2026

SB 1193: School funding; removing limitations on school district general fund carryover and penalties for exceeding limitations. Effective date. Emergency.

SB 1193 removes restrictions on how much money Oklahoma school districts can carry over from one year's general fund to the next and eliminates penalties for exceeding previous carryover limits. It also removes a rule that previously blocked districts with per-pupil revenue over 300% of the average from receiving state aid. The bill updates the state's school funding formula to reflect these changes, allowing districts more flexibility with their budgets. This directly affects all Oklahoma public school districts by changing how their state aid is calculated and distributed.

Topics ✓ Budget & TaxesSupports Budget & TaxesRemoves restrictions on school fund carryover and penalties, promoting fiscal flexibility and budget management within school districts per bill summary.85% confidence ✓ EducationSupports EducationRemoves restrictions on school fund carryover and penalties, increasing budget flexibility and preventing loss of state aid for districts with high per-pupil revenue.90% confidence

Sub-Topics State Budget School Funding

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passed · Oklahoma · House Apr 8, 2025

HB 2402: Revenue and taxation; Oklahoma Advanced Manufacturing Incentive Act of 2025; time period; eligibility requirements; collaboration.

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides corporate tax breaks (up to 50%) for qualifying manufacturers, advancing tax incentive policy as a fiscal tool.95% confidence ✓ EnergySupports EnergyBill provides tax incentives for waste heat recovery technology, directly promoting energy efficiency and clean energy infrastructure development.90% confidence ✓ EnvironmentSupports EnvironmentBill incentivizes low-temperature waste heat electrification tech (energy efficiency), promoting cleaner manufacturing and reduced emissions through tax breaks for qualifying facilities.85% confidence ✓ TechnologySupports TechnologyBill provides tax breaks/grants for manufacturers of low-temp waste heat electrification technology, directly funding and promoting this specific tech sector.95% confidence

Sub-Topics Business Taxes Tax Incentives

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signed · Oklahoma · House May 13, 2026

HB 2894: Oklahoma Rural Jobs Act; cap on capital investment tax credits; authorizing and limiting additional participation in program under certain conditions.

HB 2894 amends Oklahoma's Tourism Development Act to adjust sales tax credit rules for tourism projects. It provides up to 10% tax credits for projects costing $500,000-$1 million and up to 25% for projects over $1 million, but credits cannot exceed the state's potential sales tax revenue from the project. The bill allows tourism developers in Entertainment Districts to pass credits to tenants or receive incentive payments based on tenant sales tax collections, subject to a $30 million annual cap on all inducements. Developers must verify expenditures with independent audits, and credits cannot be transferred except as specified for Entertainment District tenants.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credits with revenue cap to ensure fiscal responsibility, promoting tourism development without reducing state tax revenue.85% confidence

Sub-Topics Sales Tax Tax Credits Tax Incentives

in committee · Oklahoma · Senate Feb 4, 2025

SB 285: Income tax; providing tax credit for contributions to certain higher education institution foundations. Effective date.

SB 285 creates a tax credit for Oklahoma taxpayers who contribute to eligible higher education institution foundations. It offers a 50% credit on contributions (up to $1,000 for single individuals, $2,000 for married couples, or $100,000 for businesses) and a 75% credit for those who commit to a second-year contribution. Foundations must submit annual audited financial reports to the Oklahoma Tax Commission and publicly share program outcomes. This policy directly affects Oklahoma taxpayers making qualifying donations and the higher education foundations receiving contributions.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit reducing taxpayer liability for education donations, aligning with tax relief indicators for public service funding.95% confidence ✓ EducationSupports EducationCreates tax credit for higher ed foundation donations, incentivizing private funding to boost resources for Oklahoma's higher education institutions.90% confidence

Sub-Topics Income Tax Tax Credits

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in committee · Oklahoma · Senate Feb 10, 2026

SB 49: Sales tax; providing exemption for certain nonprofits preventing child abuse. Effective date.

SB 49 adds a new sales tax exemption for nonprofit organizations providing services to abused and neglected children in Oklahoma. The bill amends Oklahoma’s sales tax code to exempt these specific nonprofits from paying sales tax on purchases directly related to their child welfare services. To qualify, organizations must submit required documentation proving their services align with this exemption, which applies to tangible personal property and services used for this purpose. This policy change directly affects eligible child welfare nonprofits by reducing their operational costs.

Topics ✓ Budget & TaxesSupports Budget & TaxesExempts nonprofits providing child welfare services from sales tax, reducing operational costs to support essential programs without increasing taxes.95% confidence

Sub-Topics Sales Tax Tax Incentives

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in committee · Oklahoma · Senate Feb 4, 2025

SB 816: Income tax; providing credit for certain child care expenses; providing credit for qualifying child care worker. Effective date.

SB 816 creates two tax credits for Oklahoma taxpayers: (1) an employer credit covering 30-50% of costs for child care services, facilities, or on-site construction for employees' children, capped at $30,000 per business annually; and (2) a $1,000 refundable credit for qualified child care workers who meet specific employment and education requirements (e.g., 8+ months at a licensed facility, enrolled in Oklahoma's quality system, 12+ credit hours). The bill directly affects employers offering child care benefits and licensed child care workers in Oklahoma. Key provisions include annual credit limits of $5 million (for employer credits) and $14 million (for all credits) starting in 2028, with unused credits carryable forward for up to five years. The credit for workers is refundable, meaning it can reduce tax liability below zero, while employer credits cannot.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credits for employers and child care workers, providing direct tax relief and strengthening fiscal support for lower/middle-income groups.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentProvides direct $1,000 refundable tax credit to qualified child care workers, expanding worker benefits and supporting employment in this sector.92% confidence

Sub-Topics Income Tax Tax Credits

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