Budget & Taxes

signed · Oklahoma · Senate May 12, 2025

SB 301: Income tax; modifying credit limit for certain institute in certain tax years. Effective date.

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.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill reduces tax credit limits for research donations, restricting tax incentives and increasing state revenue by limiting donor benefits.90% confidence | Rep's Stance ✓ Voted Yes ✗ Opposes Budget & Taxes

signed · Oklahoma · House May 7, 2025

HB 1372: Revenue and taxation; gross production tax; limited exemption for production from certain wells; surety; effective date; emergency.

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.

Topics ✗ Budget & TaxesOpposes Budget & TaxesReduces tax rates (7%→5%) and creates exemptions for oil/gas producers, weakening state tax revenue collection.95% confidence ✗ EnergyOpposes EnergyBill provides tax breaks for oil/gas production, favoring fossil fuels over renewables, opposing clean energy transition through targeted exemptions.85% confidence | Rep's Stance ✓ Voted Yes ✗ Opposes Budget & Taxes

passed · Oklahoma · House Apr 28, 2025

HB 2087: Revenue and taxation; income tax credit; research institutes; effective date.

HB 2087 modifies Oklahoma's income tax credit for donations to qualified research institutes. It adjusts annual funding caps: for biomedical research institutes, the limit drops from $2 million to $1.5 million per year starting in 2026, while cancer research institute credits are capped at $500,000 annually. The credit percentage for each donation type is recalculated yearly based on prior-year claims, using specific formulas to stay within these new limits. Taxpayers donating to qualifying nonprofit biomedical or cancer research institutes (defined by NIH funding requirements) can claim the credit, with individual limits of $1,000-$25,000 depending on filing status or business type.

Topics ✗ Budget & TaxesOpposes Budget & TaxesReduces annual tax credit caps for research institutes, restricting tax benefits and limiting government spending on these credits.95% confidence ✗ HealthcareOpposes HealthcareReduces funding caps for biomedical/cancer research institutes, limiting tax credit support for healthcare research through lower annual donation limits.85% confidence | Rep's Stance ✓ Voted Yes ✗ Opposes Budget & Taxes

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passed · Oklahoma · House Apr 23, 2025

HB 1220: Cities and towns; prohibiting imposition of certain taxes and fees on certain bond revenue; municipal taxation; conforming language; emergency.

HB 1220 prohibits Oklahoma cities and towns from imposing franchise fees or sales/use taxes on specific revenue streams used by utilities to repay private financing. It directly affects electric cooperatives and other utilities that used private financing under the February 2021 Utility Consumer Protection Acts to avoid immediate cost burdens on customers. The bill defines "securitization revenue streams" as rates and charges solely for repaying such private loans, and bans local taxes on these streams for bonds issued by the Oklahoma Development Finance Authority under those acts. This prevents municipalities from taxing revenue dedicated to repaying utility loans structured to protect consumers from upfront costs.

Topics ✗ Budget & TaxesOpposes Budget & TaxesProhibits local taxes on utility repayment revenue, restricting municipal tax authority on specific revenue streams per bill language.90% confidence ✓ EnergySupports EnergyPrevents local taxes on utility repayment funds, protecting consumers from cost increases under the 2021 Utility Consumer Protection Acts.85% confidence | Rep's Stance ✓ Voted Yes ✗ Opposes Budget & Taxes

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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 | Rep's Stance ✓ Voted Yes ✗ Opposes Budget & Taxes

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passed both · Oklahoma · House Apr 14, 2025

HB 1539: Revenue and taxation; individual income tax; rates; brackets; revenue determinations; effective date.

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesLowers individual income tax rates for most filers, providing tax relief and reducing the top rate from 5.50% to 4.75%.95% confidence | Rep's Stance ✗ Voted No ✗ Opposes Budget & Taxes

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passed · Oklahoma · Senate Apr 8, 2025

SB 572: Oklahoma Center for the Advancement of Science and Technology; requiring the cessation of the technology business financing program; directing transfer of remaining funds. Effective date.

SB 572 ends Oklahoma's technology business financing program, which previously provided funding to help local businesses commercialize innovations. The bill requires all remaining program funds and annual royalty payments (from businesses that received funding) to be transferred to the state's General Revenue Fund by November 1, 2025. This affects OCAST (the Oklahoma Center for the Advancement of Science and Technology), businesses that had received program funding, and state finances. The program officially ceases upon the bill's effective date, redirecting all unused funds to general state revenue.

Topics ✗ Budget & TaxesOpposes Budget & TaxesDefunds OCAST program by transferring remaining funds to General Revenue Fund instead of program-specific use, ending targeted business innovation funding.92% confidence ✗ TechnologyOpposes TechnologyEnds tech business financing program, transferring funds to General Revenue Fund, defunding innovation support for technology businesses.95% confidence | Rep's Stance ✓ Voted Yes ✗ Opposes Budget & Taxes

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failed · Oklahoma · House Mar 27, 2025

HB 1280: Schools; instructional expenditures; requirement; procedures; definitions; effective date; emergency.

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesMandates 50% of school budgets for instruction, promoting fiscal responsibility in educational spending allocation without altering tax policy.85% confidence ✓ EducationSupports EducationMandates 50% budget allocation for classroom instruction, with teacher pay raises for non-compliance, directly supporting educational funding and teacher compensation.90% confidence | Rep's Stance ✗ Voted No ✗ Opposes Budget & Taxes

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in committee · Oklahoma · House Feb 10, 2025

HB 1758: Virtual charter schools; allowing statewide virtual charter schools that reach certain assessment achievements to receive additional funds for certain expenses; effective date; emergency.

HB 1758 would provide Oklahoma virtual charter schools with $100,000 annually if their academic performance is within 10 points of the state average on the Oklahoma State Report Card. Schools meeting this threshold could use the funds for facility costs, student testing, transportation, or student services. Funding is based on academic data from two years prior (e.g., 2022-2023 scores determine 2025 funding) and is in addition to existing district funding. The bill requires available state funds and takes effect July 1, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill allocates $100,000 annually to virtual charter schools meeting academic thresholds, increasing state funding for education services through targeted budgetary appropriations.90% confidence ✓ EducationSupports EducationProvides $100k/year to virtual charter schools meeting performance targets for facility/testing costs, increasing funding beyond existing district allocations.95% confidence | Rep's Stance ✗ Voted No ✗ Opposes Budget & Taxes

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