HB 4432 amends Oklahoma's tax code to eliminate a limitation on itemizing wagering income for tax purposes and updates statutory references throughout the Oklahoma Revenue and Taxation Act. It specifically adjusts how businesses calculate Oklahoma taxable income, particularly regarding federal net operating loss deductions and the allocation of income from property or business activities. The bill clarifies that Oklahoma net operating losses must be separately determined using federal rules but without requiring a federal loss, and it updates rules for allocating income from intangible property and certain business activities. This is a procedural update to the tax code, not a new tax or policy change, and it affects businesses and individuals filing Oklahoma income taxes. The bill was introduced in 2026 but has not advanced beyond committee referral.
HB 1370 establishes a "Corporation Commission Plugging Fund" to address seeping natural gas and environmental safety issues related to oil and gas operations. The bill requires the fund to maintain $5 million, and if it falls below this level, an additional excise tax on oil and gas will be imposed until replenished. It specifies that 10.526% of oil excise tax revenue and 10.5555% of natural gas excise tax revenue must be allocated to this fund, with the remaining portions going to the General Revenue Fund and the Interstate Oil Compact Fund. The bill extends the fund's sunset date from 2026 to 2031, ensuring continued funding for these environmental response efforts.
SB 2084 caps settlement amounts for wrongful termination claims by employees of Oklahoma public institutions of higher education (like state universities) at two years of their base salary at termination. It limits total settlements to include back pay and damages but excludes accrued unpaid wages, leave, and retirement contributions already earned. The bill specifically applies to state law claims, not federal ones, and takes effect November 1, 2026. This directly affects public university employees filing termination disputes under Oklahoma law.
This bill proposes a constitutional amendment to establish the "Tobacco Settlement Endowment Trust Fund" for Oklahoma's tobacco settlement funds. It requires that at least 75% of new tobacco settlement payments (after 2001) be deposited into this trust fund, with specific percentages increasing over time. The trust fund's earnings must be used for cancer research, tobacco prevention programs, children's health initiatives, senior care programs, and education-related expenses, with unused funds remaining in the trust. The amendment creates two governing boards to manage investments and allocate funds, and it would require voter approval before taking effect.
Oklahoma's SJR 39 proposes a constitutional amendment to reduce limits on annual increases in property tax assessments. It would lower the maximum annual growth rate for most real property from 5% to 3% (for tax years 2027 onward) and further reduce limits for homestead properties (primary residences) and agricultural land from 3% to 1%. The amendment applies to locally assessed real property, excluding personal property and properties with recent transfers or improvements. If approved by voters, these changes would take effect for tax years beginning in 2027.
Oklahoma Senate Bill 227 modifies tax exemptions for oil and gas producers by limiting eligibility for gross production tax refunds to specific years (2005-2013 and 2022-2024). It caps annual refunds at $12.5 million for 2015-2016 and $10 million for 2022-2024, requiring producers to qualify as "economically at-risk" leases based on production volume and profitability thresholds. Producers must submit documentation to the Oklahoma Tax Commission to claim refunds for prior-year production, with claims due by the bill’s effective date for 2024. The bill directly affects oil/gas operators seeking refunds on past production under these revised rules.
SB 680 modifies Oklahoma's definition of "cigarette" to explicitly include heated tobacco products, expanding the scope of existing tax regulations. The bill provides a tax exemption for these products and requires the Oklahoma Tax Commission to establish rules for compliance. This directly affects manufacturers, distributors, and retailers of heated tobacco products by changing how they are classified under cigarette tax laws. The bill updates statutory definitions and references to align with this new exemption, ensuring heated tobacco products are treated consistently under the tax code.
SB 1395 modifies Oklahoma's new jobs tax credit program for manufacturers. The bill restricts the credit to specific tax years and changes how unused credits can be carried forward to future years. Manufacturers must now submit an application and receive approval before claiming the credit. These changes update the program's eligibility and administrative requirements.
This bill, titled "Mathematics instruction..." but actually amending the Oklahoma Higher Learning Access Program, adjusts financial eligibility rules for students seeking higher education support. It raises income thresholds for program qualification (e.g., $80,000 annually for families with five+ children starting in 2025-2026) and adjusts age limits for participation (extending to age 18 for some applicants). Students must meet updated income requirements and comply with program terms like regular school attendance and avoiding substance abuse to maintain eligibility. The bill directly affects Oklahoma students in grades 5-11 seeking financial aid for post-secondary education through this state program.
SB 50 exempts the purchase of gun safes and gun safety devices from Oklahoma's sales tax. This change directly affects consumers who buy these items for personal use, as they will no longer pay state sales tax on these purchases. The bill amends Oklahoma's sales tax code (Section 1357) to add gun safes and safety devices to the list of tax-exempt items, aligning with existing exemptions for other safety equipment. The law took effect on May 29, 2025, after becoming law without the governor's signature.
