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.
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.
HB 3590, the Oklahoma Opportunity Scholarship Act of 2026, expands tax credits for Oklahoma taxpayers who contribute to scholarship-granting organizations. It increases the maximum annual tax credit: to $5,000 for single filers (up from $1,000), $10,000 for married couples filing jointly (up from $2,000), and $250,000 for businesses (up from $100,000). Taxpayers who commit to contribute the same amount for two consecutive years qualify for a 100% credit (up from 75%) on those contributions. The bill affects Oklahoma taxpayers making eligible contributions and requires scholarship organizations to submit annual financial reports to the Oklahoma Tax Commission. It takes effect January 1, 2027.
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.
SB 1147 allocates $100,000 from unappropriated state general funds to Oklahoma's Department of Transportation for its existing duties during the 2025-2026 fiscal year. The bill declares an emergency to allow immediate implementation upon approval, bypassing standard waiting periods. This is a procedural funding measure with no new policy requirements or changes to transportation programs, directly affecting only the DOT's current operations.
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 1937 prohibits employers who engage in specific labor practices from receiving Oklahoma's economic development incentives (such as grants, loans, or tax credits). It directly affects employers seeking these incentives by banning: (1) granting union recognition based solely on signed cards instead of secret ballot elections, (2) sharing employee contact information without consent, (3) signing neutrality agreements with unions, and (4) requiring subcontractors to violate these rules. Employers found violating these provisions must repay all incentives received for the project. The bill exempts existing agreements before its November 1, 2026, effective date and employers with current collective bargaining agreements.
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 proposes a constitutional amendment to Oklahoma that limits how much money the state must return to local governments when they lose tax revenue due to property tax exemptions for new manufacturing facilities. The amendment would cap reimbursement to counties, cities, schools, and other taxing jurisdictions at the amount of tax revenue they collected before the new or expanded manufacturing facility was built. It also allows counties to keep up to 25% of increased tax revenue after the five-year exemption period ends, provided they use it for economic development. The bill requires a special election on August 25, 2026, where Oklahoma voters will decide whether to approve or reject this change to the state constitution.
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.
