Budget & Taxes

in committee · Oklahoma · House Feb 4, 2025

HB 1471: Revenue and taxation; coin-operated vending devices; exemption; effective date.

HB 1471 exempts certain coin-operated vending devices from licensing fees under Oklahoma law. It specifically adds a new exemption for devices manufactured before January 1, 2000, that dispense entertainment (like games or music) for $0.50 or less per play, provided they do not involve gambling - defined as outcomes based solely on chance without requiring skill. This directly affects owners of older, low-cost entertainment devices in locations like convenience stores or arcades. The bill does not change existing exemptions for devices in schools, churches, military bases, or those selling newspapers, postage, or periodicals. The exemption takes effect November 1, 2025.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill exempts vending devices from licensing fees, reducing state revenue by removing a fee source, weakening fiscal management.90% confidence

Track

signed · Oklahoma · House May 29, 2025

HB 2768: Revenue and taxation; Oklahoma Quality Jobs Incentive Leverage Act; increasing certain limitation caps related to qualifying investment amounts.

HB 2768 increases the maximum investment cap for Oklahoma's Quality Jobs tax incentive program from $250 million to $700 million. It applies to existing manufacturing companies (SIC code 3011) already participating in the program that seek to expand facilities, requiring them to file a new application before certain tax payments are due. Companies must complete $700 million in facility modernization within five years (with a possible one-year extension if 80% is done by year five) to qualify for additional tax incentives. This change allows larger businesses to claim more tax benefits for qualifying investments under the program.

Topics ✗ Budget & TaxesOpposes Budget & TaxesIncreases tax incentive cap, reducing state revenue by allowing more tax breaks for businesses, weakening budget management.92% confidence

Sub-Topics Tax Incentives

in committee · Oklahoma · Senate Mar 10, 2025

SB 367: Income tax; modifying calculation of the Oklahoma earned income tax credit. Effective date.

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.

Topics ✗ Budget & TaxesOpposes Budget & TaxesReduces Oklahoma EITC benefit to 5% of federal credit and prorates max amount, directly weakening tax relief for low-income taxpayers.90% confidence

Sub-Topics Income Tax Tax Credits

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in committee · Oklahoma · Senate Feb 4, 2025

SB 311: Taxation; gross production tax on certain interests; modifying tax rate. Effective date.

This bill modifies Oklahoma's gross production tax rates for oil and gas. It reduces the tax rate from 7% to 5% for oil and gas production from wells spudded before July 18, 2018, for 36 months. It also creates two new exemptions: a 5-year tax exemption for secondary/tertiary recovery projects (approved after July 1, 2022) and a 24-month exemption for wells completed using recycled water (proportional to recycled water use). Refunds for these exemptions are capped at $15 million annually for recovery projects and $10 million for recycled water projects. The bill directly affects oil and gas producers operating in Oklahoma.

Topics ✗ Budget & TaxesOpposes Budget & TaxesReduces oil/gas tax rates and creates exemptions, decreasing state tax revenue for specific production activities.95% confidence ✗ EnergyOpposes EnergyReduces oil/gas tax rates and creates exemptions for fossil fuel projects, directly subsidizing fossil fuel production over renewable alternatives.95% confidence ✗ EnvironmentOpposes EnvironmentReduces oil/gas production taxes, incentivizing increased extraction and weakening environmental protections by lowering regulatory costs for fossil fuels.85% confidence

Sub-Topics Business Taxes Tax Incentives Oil & Gas

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passed · Oklahoma · Senate Mar 27, 2025

SB 48: Income tax; limiting certain capital gains deduction to certain tax years. Effective date.

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.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRestricts capital gains tax deductions, limiting tax benefits and increasing state revenue by closing a deduction loophole per bill's explicit language.95% confidence

Sub-Topics Income Tax

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in committee · Oklahoma · Senate Feb 4, 2025

SB 52: Income tax; modifying calculation of the Oklahoma earned income tax credit. Effective date.

SB 52 changes Oklahoma's Earned Income Tax Credit (EITC) to be 5% of the federal EITC amount for tax years starting in 2022. It clarifies that the state credit calculation uses the same federal rules as the federal EITC (except for the fixed 5% rate) and ensures any excess credit beyond state tax liability is refunded. The bill also limits the maximum credit to the portion of the federal credit corresponding to the taxpayer's Oklahoma income relative to their federal income. This affects Oklahoma residents who qualify for the federal EITC and claim the state credit, potentially altering their refund amounts.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill reduces Oklahoma EITC to 5% of federal credit, weakening tax relief for low-income earners compared to potential higher state rates.90% confidence

Sub-Topics Income Tax Tax Credits

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passed · Oklahoma · House Apr 17, 2025

HB 2745: Revenue and taxation; banking privilege tax; deductions; effective date.

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.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill creates tax deductions for large banks/credit unions, reducing government revenue via privilege tax breaks, aligning with 'tax breaks primarily for wealthy'.95% confidence ✓ HousingSupports HousingCreates tax deductions for banks making qualifying housing loans (single-family residences), incentivizing lending to advance housing development and affordability.90% confidence

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in committee · Oklahoma · Senate Feb 3, 2026

SJR 25: Constitutional amendment; creating the Taxpayer's Bill of Rights.

SJR 25 proposes a constitutional amendment known as the "Taxpayer's Bill of Rights" that would require voter approval for most new or increased taxes, debt issuances, and certain spending changes by Oklahoma state and local governments. It establishes mechanisms for taxpayers to sue if taxes are collected illegally, with refunds plus interest for improperly collected funds, and limits annual spending growth for governments based on property value or enrollment changes. The amendment would prohibit new local income taxes, restrict property transfer taxes, and mandate specific voter disclosures before tax or debt votes, directly affecting all Oklahoma taxpayers and government entities.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRequires voter approval for tax increases/spending changes, limits annual spending growth, and enables taxpayer lawsuits for illegal collections. Directly restricts government fiscal authority per bill summary.95% confidence

Sub-Topics Business Taxes

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died · Oklahoma · House Feb 6, 2025

HB 2755: Revenue and taxation; tax credits; biomedical and cancer research; effective date.

HB 2755 modifies Oklahoma's tax credit system for donations to biomedical and cancer research institutes. It sets annual spending limits: $1.5 million for biomedical research donations and $500,000 for cancer research donations starting in 2026 (down from a combined $2 million limit before). The bill defines qualifying organizations by requiring significant federal research funding ($20 million annually for biomedical institutes, $4 million for cancer institutes) and caps individual credits based on filing status (e.g., up to $25,000 for business donors). Taxpayers can carry unused credits forward for up to four years, and the credit cannot exceed their annual tax liability. The changes take effect November 1, 2025.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill sets annual spending limits on tax credits for research, restricting available tax relief by capping donations and requiring stricter qualifying criteria.85% confidence ✓ HealthcareSupports HealthcareBill modifies tax credits for biomedical/cancer research donations, incentivizing private funding to advance healthcare innovation and research programs.85% confidence

Sub-Topics Tax Credits

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signed · Oklahoma · Senate Apr 1, 2026

SB 680: Tobacco products; modifying definition; providing exemption. Effective date.

SB 680 modifies Oklahoma's definition of "cigarette" to explicitly include heated tobacco products, expanding the scope of existing tax regulations. The bill provides a tax exemption for these products and requires the Oklahoma Tax Commission to establish rules for compliance. This directly affects manufacturers, distributors, and retailers of heated tobacco products by changing how they are classified under cigarette tax laws. The bill updates statutory definitions and references to align with this new exemption, ensuring heated tobacco products are treated consistently under the tax code.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill provides tax exemption for heated tobacco products, reducing potential state tax revenue under cigarette tax laws by excluding them from existing tax obligations.85% confidence

Sub-Topics Tax Incentives