SB 469 modifies eligibility requirements for Oklahoma's Emission Reduction Technology Rebate Program, which provides up to 25% rebates for businesses implementing qualifying emission-reduction projects within the state. The bill clarifies submission deadlines (requiring documentation within six months after fiscal year-end completion) and adds a preliminary review process for applications before project funding is spent. It also specifies that applicants must have filed all required Oklahoma tax returns and maintain $1 million general liability insurance with workers' compensation coverage. The changes apply to businesses seeking rebates administered by the Department of Environmental Quality and Oklahoma Tax Commission, using funds from dedicated revolving funds. The bill takes effect July 1, 2025.
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 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.
SB 289 modifies Oklahoma's sales tax exemption period for certain museums, directly affecting those institutions by changing how long they can qualify for tax relief on eligible purchases. The bill amends Section 1356 of Oklahoma's tax code to adjust the duration of the exemption, ensuring museums remain exempt from sales tax on qualifying items used for their operations. This change updates the existing exemption framework without altering other established tax exemptions for government entities, schools, or nonprofits listed in the same section. The bill is designated as an emergency measure to expedite implementation.
SB 48 limits when Oklahoma taxpayers can deduct certain capital gains from their state income tax. It specifically restricts the deduction for "qualifying gains receiving capital treatment" to only certain tax years, affecting individuals and businesses with capital gains transactions. The bill amends Oklahoma's tax code (68 O.S. 2021, Section 2358) to update the rules governing these deductions, ensuring they align with specific tax year parameters. This change modifies how capital gains are treated for state tax purposes without altering federal tax rules.
SB 228 proposes creating "covenant marriage" in Oklahoma as a distinct legal option, requiring couples to sign a detailed Declaration of Intent affirming lifelong commitment, complete premarital counseling, and file this document with their marriage license application. It establishes stricter divorce rules, allowing dissolution only for abandonment, abuse, or adultery after mandatory counseling (except in abuse cases), and permits conversion of existing marriages to covenant marriages through similar steps. The bill also creates an annual tax credit of $2,500 for joint filers or $1,250 each for separate filers for couples entering covenant marriage, non-refundable but carry-forwardable for five years. The bill, introduced in 2025 but failed in committee, has not become law.
