SB 255 creates a 70% state income tax credit for Oklahoma taxpayers who purchase equipment to control feral swine, directly affecting agricultural landowners (individuals or businesses owning ≥20 acres). The credit covers 70% of qualified equipment costs - such as traps, cameras, or barriers - used to reduce crop damage, habitat destruction, or other harm caused by feral swine. The credit is capped at $15,000 total across all tax years and can be carried over for up to five years if unused. It requires proof of agricultural land ownership and excludes businesses that profit from removing feral swine for hire.
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 The bill affects all Oklahoma public school districts by changing their allocation method and removing outdated provisions related to tax calculations and reporting requirements.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 323 amends Oklahoma's individual income tax code to establish new tax rates for tax years beginning January 1, 2024. It directly affects Oklahoma residents and nonresidents filing individual income tax returns. The bill creates a tiered rate structure: for single filers and married filing separately, it sets rates from 0.25% on the first $1,000 up to 4.75% on income above $6,200. This replaces prior rates (which had a top rate of 5.50% for 2008-2008), reducing the highest marginal tax rate for most filers.
This bill creates two income tax credits for Oklahoma taxpayers. Employers can claim a 30% credit (up to $30,000 annually) for qualifying child care expenses paid for employees, including costs for on-site facilities or contracted care. Additionally, qualified child care workers who meet specific criteria (like working 8+ months, providing classroom services, and completing 12+ credit hours) receive a $1,000 refundable credit (meaning it can be paid as cash if tax owed is low). The credits apply to tax years 2026-2030, with annual limits of $5 million for employer credits and $14 million for all credits combined, adjusted yearly by the Oklahoma Tax Commission.
SB 328 creates the "Promote Child Thriving Act," providing a state income tax credit for married biological parents. It offers $500 per child under 18 if parents are married and living together, or $1,000 per child if parents were married before the child's birth. To qualify, parents must be legally married, listed on the child's birth certificate or custodial, and reside together for at least six months (with limited exceptions). The credit is non-refundable, may be carried forward for up to 10 years if unused, and requires sworn attestation of biological relationship and marital status when claimed.
SB 302 creates the Oklahoma Law Enforcement Legacy Fund in the state treasury, funded by $563 million from 2023 unappropriated funds and $759 million from 2024 unappropriated funds. The bill requires the State Treasurer to invest fund monies prudently, maintain liquidity, and report quarterly on fund value. When the fund's value increases by $100 million or more in a fiscal year, the Treasurer must transfer that amount to the General Revenue Fund specifically to increase law enforcement wages. This transfer mechanism triggers automatically upon reaching each $100 million increment, with the fund's principal and investment returns accruing to the fund itself. The bill takes effect July 1, 2025.
SB 229 modifies Oklahoma's Parental Choice Tax Credit Act, allowing taxpayers to claim credits for qualified education expenses for eligible students. It adjusts income-based credit limits (e.g., reducing the maximum credit from $7,500 to $5,000 for households earning over $250,000) and adds requirements for private schools serving disadvantaged students (requiring 90% of admissions to be based on income below 250% of the federal poverty level). The bill also mandates the Oklahoma Tax Commission to reallocate unused credits and removes certain notification requirements. It directly affects Oklahoma taxpayers with children enrolled in accredited private schools, homeschooling programs, or nonpublic educational settings.
SB 818 proposes to increase Oklahoma's additional homestead property tax exemption from $1,000 to $3,000 annually for eligible homeowners. It raises the income limit for qualification from $30,000 to $40,000 and lowers the automatic renewal age from 65 to 60 years. This bill would directly affect low-to-moderate-income homeowners aged 60+ who qualify as heads of household, requiring annual applications unless they meet the age threshold. The changes would take effect November 1, 2025, if passed.
HB 1454 changes fees for businesses that send money electronically (wire transmitters) in Oklahoma. It sets a fee of $5-$10 per transaction under $500, plus 1-2% on amounts over $500, requiring quarterly payments to the Oklahoma Tax Commission. Revenue funds the Drug Money Laundering and Wire Transmitter Revolving Fund, and customers may claim a tax credit equal to the fee when filing income taxes. The bill takes effect November 1, 2025, and includes enforcement measures like license suspension for non-compliance.
HB 1372 temporarily lowers the gross production tax rate for oil and gas from existing wells (spudded before the law's effective date) to 5% for 36 months, instead of the standard 7%. It also creates two new tax exemptions: 1) 5 years of tax-free production for secondary/tertiary recovery projects approved after July 2022, and 2) a 24-month tax exemption for wells using recycled water (proportional to recycled water usage). For orphaned wells, producers must post a $25,000 surety bond per well to qualify for a 50% tax reduction for 36 months. The bill sets annual refund limits of $15 million for recovery projects and $10 million for recycled water exemptions, requiring producers to apply for refunds through the Tax Commission.
