Budget & Taxes

signed · Oklahoma · Senate May 29, 2025

SB 50: Sales tax; exempting sales tax on purchase of gun safes and guns safety devices. Effective date.

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.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill reduces state tax revenue by exempting gun safes/safety devices from sales tax, weakening the tax base and state budget revenue.90% confidence | Rep's Stance ✓ Voted Yes ✗ Opposes Budget & Taxes

signed · Oklahoma · House May 29, 2025

HB 2768: Revenue and taxation; Oklahoma Quality Jobs Incentive Leverage Act; increasing certain limitation caps related to qualifying investment amounts.

HB 2768 increases the maximum investment cap for Oklahoma's Quality Jobs tax incentive program from $250 million to $700 million. It applies to existing manufacturing companies (SIC code 3011) already participating in the program that seek to expand facilities, requiring them to file a new application before certain tax payments are due. Companies must complete $700 million in facility modernization within five years (with a possible one-year extension if 80% is done by year five) to qualify for additional tax incentives. This change allows larger businesses to claim more tax benefits for qualifying investments under the program.

Topics ✗ Budget & TaxesOpposes Budget & TaxesIncreases tax incentive cap, reducing state revenue by allowing more tax breaks for businesses, weakening budget management.92% confidence | Rep's Stance ✓ Voted Yes ✗ Opposes Budget & Taxes

signed · Oklahoma · Senate May 29, 2025

SB 287: Income tax; modifying tax years for aerospace tax credit. Effective date.

SB 287 extends Oklahoma's aerospace tax credit program, allowing employers in the aerospace sector to claim credits for tuition reimbursement and compensation paid to qualified employees through 2031. The credit for tuition is 50% of the cost (capped at the average public tuition in Oklahoma) for the first four years of employment, while the credit for compensation is 10% for employees with Oklahoma degrees or 5% for out-of-state graduates, applicable for the first five years of employment. This bill affects aerospace businesses and certain educational institutions, specifically targeting employees with ABET-accredited aerospace engineering degrees or licensed engineers.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill extends tax credit for aerospace sector, reducing state revenue through targeted tax break, weakening budget revenue stream.95% confidence | Rep's Stance ✓ Voted Yes ✗ Opposes Budget & Taxes

signed · Oklahoma · Senate May 15, 2025

SB 1112: Lodging tax; excluding discounted or comped rooms or lodging from gross receipts upon which a lodging tax is levied. Effective date.

This Oklahoma bill changes how lodging tax is calculated by excluding free rooms (comped) and discounted rooms where hotels receive no payment from taxable income. It applies to all counties and cities collecting lodging tax under existing law. Hotels will no longer owe tax on rooms provided at no cost to customers or employees, or discounted rooms without third-party reimbursement. The change takes effect January 1, 2026.

Topics ✗ Budget & TaxesOpposes Budget & TaxesExcludes comped/discounted rooms from taxable income, reducing state lodging tax revenue and weakening tax base for budget purposes.90% confidence | Rep's Stance ✓ Voted Yes ✗ Opposes 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

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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passed · Oklahoma · Senate Mar 27, 2025

SB 48: Income tax; limiting certain capital gains deduction to certain tax years. Effective date.

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.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRestricts capital gains tax deductions, limiting tax benefits and increasing state revenue by closing a deduction loophole per bill's explicit language.95% confidence | Rep's Stance ✓ Voted Yes ✗ Opposes Budget & Taxes

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