This bill proposes a constitutional amendment to eliminate all property taxes in Oklahoma by repealing multiple sections of the Oklahoma Constitution that govern property tax assessment and collection. It would remove the State Board of Equalization's duty to assess property values and adjust tax rates, effectively ending ad valorem property taxation statewide. The measure requires voter approval via ballot initiative, with a planned effective date of January 1, 2030, and affects all property owners and local taxing jurisdictions. The proposed amendment is structured as a legislative referendum for voter decision.
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.
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.
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.
SB 1278 exempts firearm purchases from Oklahoma's sales tax during the month of July each year. It directly affects individuals buying guns, rifles, pistols, or shotguns in Oklahoma during that month. The bill defines "firearm" broadly to include common types of guns and creates a temporary sales tax holiday for these items. The exemption will take effect on November 1, 2026, after the bill's passage.
SB 294 amends Oklahoma's Oklahoma Quick Action Closing Fund to exclude electric vehicle manufacturing businesses (specifically those using NAICS code 336110) from eligibility for funding. This bill directly affects companies in the electric vehicle manufacturing industry, preventing them from receiving economic development funds intended for high-impact business projects. The change modifies existing eligibility rules under the fund's statutes without altering other provisions for qualifying industries or the fund's administration. The exclusion applies to all applications for the fund, including those seeking rebates under the Oklahoma Film Enhancement Rebate Program. The bill does not change the fund's purpose, which remains supporting job creation, capital investment, and economic development through targeted business incentives.
SB 301 modifies Oklahoma's tax credit system for donations to biomedical and cancer research institutes. It reduces annual credit limits to $1.5 million for biomedical research donations and $500,000 for cancer research donations starting in 2026, down from $2 million previously. Donors to qualifying institutes (which must receive $20 million annually in NIH funding for biomedical or $4 million for cancer research) will face new caps: $25,000 for business donors to biomedical institutes, and $1,000-$2,000 for individual filers depending on filing status. The bill adjusts how credit percentages are calculated using the second preceding year's claims and ensures credits cannot exceed tax liability.
HB 2953 repeals specific sections of Oklahoma law (28-100, 28-100A, 28-101, 28-102, and 28-103) that previously established the Oklahoma Parental Choice Tax Credit program. This bill directly affects the state’s education tax credit system by removing its legal foundation, effectively ending the program. The repeal takes effect November 1, 2026, meaning the tax credit will no longer be available after that date. As a procedural bill, it does not create new policy but eliminates existing law governing the credit.
SB 1391 modifies Oklahoma's Parental Choice Tax Credit Act to adjust household income limits for families using the program. It increases the income threshold for the highest credit tier from $150,000 to $225,000 annually (with a $6,000 credit), adds a new $250,000+ bracket (capping credits at $5,000), and maintains lower tiers for lower-income households. The bill affects families paying private school tuition who qualify for the tax credit, capping the credit at actual tuition costs regardless of income. It also requires participating private schools to administer certain assessments to students, updating prior requirements. These changes apply to tax years 2024 onward and fiscal years 2026 onward.
SB 306, the "Taxpayer Protection Act," would require Oklahoma taxpayers and employers to submit federal tax forms and payments to the Oklahoma Tax Commission instead of the IRS. The bill creates a "Federal Tax Fund" in the state treasury to hold these payments, which would only be sent to the federal government if the legislature determines the federal tax code is constitutional. It declares federal penalties for complying with the bill void and mandates that Oklahoma withhold funds until the legislature votes on the constitutionality of federal tax mandates. This directly affects all Oklahoma taxpayers, employers, and the state’s tax collection process.
