SB 304 modifies Oklahoma's individual income tax structure for the 2024 tax year. It establishes new tax brackets with lower rates (0.25% to 4.75% for single filers, 0.25% to 4.75% for married couples filing jointly) compared to prior years, replacing older rates. The bill also limits certain personal exemptions to specific tax years and adjusts standard deduction amounts. These changes directly affect all Oklahoma residents filing individual income tax returns for 2024. The bill updates statutory references and language but does not create new taxes.
HB 1203, the Strategic Bitcoin Reserve Act, would allow Oklahoma's State Treasurer to invest up to 10% of specific state funds (General Fund, Revenue Stabilization Fund, and Constitutional Reserve Fund) in Bitcoin or digital assets with a $500 billion+ market cap, plus approved stablecoins. The bill requires all digital assets to be held through secure custody solutions meeting strict security standards, including multi-party governance and encrypted storage in geographically diverse facilities. It also mandates that taxes paid in Bitcoin be converted to U.S. currency and transferred to the State General Fund, and permits state retirement funds to hold digital assets under similar secure custody rules. The act applies directly to state treasury operations, retirement funds, and tax collection processes. The bill was introduced in 2025 but failed in committee in April 2025.
HB 1539 lowers Oklahoma's individual income tax rates for the 2024 tax year. It reduces the top tax rate from 5.50% to 4.75% for most filers, with new brackets starting at 0.25% on the first $1,000 of income (e.g., 0.75% on the next $1,500 for single filers). The bill affects all Oklahoma residents and nonresidents who file individual income tax returns, applying to taxable income earned in 2024. The change eliminates the previous tiered top rate structure and requires no deduction for federal income taxes paid.
SB 291 creates a refundable income tax credit for Oklahoma residents based on revenue growth from oil, natural gas, and corporate income taxes. If the State Board of Equalization certifies that revenue growth exceeds 10% in a year, the Oklahoma Tax Commission calculates a credit amount using a formula based on the number of individual and married-filing-jointly tax returns from the prior year. The credit is doubled for married couples filing jointly, and the Commission must publish the calculated amount within 45 days of certification. The credit applies to tax years starting in 2026, with a November 1, 2025 effective date.
HB 1420 requires Oklahoma state agencies to reduce owned and leased property by prioritizing the sale of underutilized state-owned assets, eliminating unnecessary leases, and using existing property instead of new construction. It mandates that all state agencies obtain approval from the Office of Management and Enterprise Services before leasing, purchasing, or constructing new property, with proceeds from sales deposited into a dedicated building maintenance fund. The bill also requires annual public reporting on property sales, lease reductions, and fund usage, while exempting agencies like the Oklahoma Department of Transportation and Turnpike Authority from these requirements. This policy directly affects all state agencies (except the exempted entities) by changing how they manage real estate assets and funding for building maintenance.
HB 1604 updates Oklahoma's vehicle excise tax rules, changing rates for off-road vehicles (4.5% of sale price with a $5 minimum) and adjusting used vehicle tax brackets. It adds a $10 flat fee for heavy trucks (55,000+ pounds), trailers, and frac tanks used for highway transport, while clarifying this tax replaces sales/use taxes for commercial vehicles. The bill also allows tax credits for stolen or defective new vehicles within 90 days (theft) or six months (defect). These changes affect all Oklahoma vehicle buyers, sellers, and commercial truck operators, particularly for off-road vehicles and heavy freight equipment.
HB 2024, the Oklahoma Space Renaissance Act, allocates $51.3 million in state funds to support Oklahoma's space industry development. The bill directs $35 million for infrastructure at the Oklahoma Air and Space Port to enable spacecraft testing and launches, and $15 million for a microgravity research consortium focused on commercial science projects in Oklahoma City. It also provides $1.3 million for the Oklahoma Space Industry Development Authority to carry out its duties. The funding is intended for fiscal year 2026, with the bill effective July 1, 2025.
HB 1221 creates "SAFE Accounts" in Oklahoma’s State Treasury to manage specific federal funds received by state agencies. It requires agencies to seek legislative approval (via concurrent resolution) before accessing funds from competitive grants, federal relief payments, or block grants, and mandates detailed reporting to the Legislature about grant applications and funding purposes. Existing federal programs already managed by agencies as of January 1, 2025, are excluded from these requirements unless they involve competitive grants needing reapplication after November 2025. The bill also establishes deadlines for submitting notices and holding hearings on new federal funding sources, effective July 1, 2025, for block grants and November 1, 2025, for competitive grants.
HB 1760 creates tax credits for Oklahoma taxpayers who contribute to eligible scholarship-granting or educational improvement organizations. It allows a 50% tax credit (up to $1,000 for individuals, $2,000 for married couples, $100,000 for businesses) on contributions, increasing to 75% for those making a multi-year commitment with written proof. The bill also modifies how credits are allocated to business owners and requires annual financial reporting from participating organizations. These credits are subject to annual caps established by the Oklahoma Tax Commission.
HB 1280 (2025) requires Oklahoma school districts to spend at least 50% of their annual budget on classroom instruction starting in 2025-2026. If a district falls below this threshold, it must increase instructional spending by 2% annually until reaching 50%, or face a written warning and, after four years of non-compliance, a permanent 2% annual teacher pay raise for each year missed. The bill defines "annual budget" to exclude bond sales, fundraisers, and non-educational grants, and "instructional expenditures" per federal standards. The bill failed to pass (36-57) on March 27, 2025, so it is not law.
