SB 1319 creates a dedicated "Corporation Commission Plugging Fund" to address environmental and safety issues from oil and gas operations. The fund must maintain $5 million, with additional taxes collected if it falls below this level until replenished (effective until July 2031). It establishes a new program allowing homeowners contaminated by brine or oil from *abandoned wells* (as defined by law) to apply for financial assistance from the fund without needing prior insurance claims. The Corporation Commission will determine assistance amounts and create rules to manage applications and verify contamination sources.
This bill establishes new rules for how the Oklahoma Housing Finance Agency administers federal HOME housing funds, primarily affecting nonprofit organizations, local governments, and other eligible entities that receive these grants. It requires the agency to follow federal guidelines without adding stricter state requirements unless specifically authorized, mandates a 30-day public comment period for any new program rules, and prohibits retroactive rule changes. The legislation also guarantees nonprofit participants a minimum 15% developer fee, ensures CHDOs retain program proceeds, and requires the agency to remove penalties if monitoring issues are resolved within 30 days.
SB 1885 modifies Oklahoma's homestead tax exemption for homeowners. Starting in 2027, it phases in a full exemption from ad valorem taxes on homestead properties: 33% in 2027, 67% in 2028, and 100% from 2029 onward. This replaces previous exemption amounts and applies uniformly to all qualifying homeowners statewide. The bill takes effect January 1, 2027, with taxes for 2027 payable in 2027. It directly affects Oklahoma homeowners who qualify for homestead exemption under state law.
HB 2115 transfers administration of Oklahoma's Energy Conservation Assistance Fund from the Department of Commerce to the Department of Human Services. It provides grants of up to $3,000 for weatherization work (like insulation, storm windows, and structural repairs) to low-income elderly and handicapped homeowners who meet income guidelines (125% of federal poverty level). The bill requires an energy audit before grants are issued, prioritizes applicants with greatest need, and establishes a revolving fund for ongoing program funding. This directly affects qualifying homeowners seeking energy efficiency improvements to their primary residences.
HB 2229 increases Oklahoma's earned income tax credit (EITC) from 5% to 10% of the federal credit amount for qualifying residents. It directly affects low-to-moderate income individuals and families who claim the federal EITC, expanding their state tax benefit. The bill makes the credit refundable if it exceeds state tax liability and prorates the maximum credit based on Oklahoma adjusted gross income relative to federal income. Effective January 1, 2026, this change aligns Oklahoma's EITC percentage with the federal credit structure while maintaining the state's refundability provision.
SB 1478 creates the "Oklahoma Land Bank Act," allowing cities, towns, and counties (municipalities) to establish land banks - entities that acquire, hold, and transfer vacant or underused land for redevelopment. Municipalities must create land banks via local ordinance, establishing boards of 5-11 members (with specific rules for appointments, terms, and conflicts of interest), and land banks gain tax exemptions on properties they hold. The bill outlines how land banks can acquire property (including through tax foreclosure), sell it under defined procedures, and operate under Oklahoma Open Meeting and Records Acts, while enabling school districts to participate via agreements. It directly affects municipalities seeking to revitalize blighted areas and landowners facing tax delinquency or foreclosure.
HB 4278 requires Oklahoma counties to use a new form for disabled veterans and surviving spouses who purchase new homes, ensuring they receive property tax exemptions they previously qualified for. The form must confirm prior exemption status on their old home, and county assessors must update property records to reflect the new exemption after a sale. Counties must also send missing tax bills to owners who didn’t receive them due to delays in updating eligibility. The bill takes effect November 1, 2026, streamlining the process for qualifying veterans and spouses to maintain their tax relief.
SB 1858 allows Oklahoma cities and counties to require property owners in designated development zones to enter binding agreements guaranteeing payments for project financing. These payments can secure bonds issued for development costs, with the property itself serving as collateral through liens that take priority over mortgages (but not existing tax liens). The bill ensures such bonds don't count as general municipal debt, limiting repayment solely to the agreed payments and project revenues. Property owners in these designated areas would face direct financial obligations under these agreements, while public entities act as conduits without assuming broader debt liability.
SB 1997 exempts certain business-owned property from Oklahoma's ad valorem property taxes. It specifically applies to businesses operating rental housing (requiring 75% annual occupancy) or continuum of care retirement communities (licensed, nonprofit, and IRS 501(c)(3) qualified). Property owners must annually report occupancy rates to the county assessor to maintain the exemption. This bill directly affects businesses owning multi-family housing or senior living facilities that meet these specific criteria.
This bill helps Oklahoma homeowners displaced by turnpike construction by matching their new property tax burden to what they paid on their previous home. For the first three tax years after moving, eligible homeowners get an extra tax exemption equal to the difference between their old home's tax bill and their new home's tax bill. It applies specifically to those who owned a home purchased by the state's Department of Transportation for a turnpike project and now claim a new homestead exemption. The exemption begins for tax year 2027 and lasts three years.
