Budget & Taxes

SB 678 creates a state fund to reimburse Oklahoma counties for lost property tax revenue when centrally assessed properties (like oil/gas facilities) decrease in value. Counties qualify if they lose at least $250,000 in annual tax collections from these properties, receiving 25% of the loss for the first two years after the valuation drop. Reimbursement funds prioritize school districts first, with remaining funds going to counties. The bill appropriates $2 million from the General Revenue Fund to start the fund, effective July 2025.

SB 554 would require Oklahoma school districts to provide stipends (one-time payments) instead of regular salary increases to teachers holding specific certifications, such as out-of-state, international, or National Board for Professional Teaching Standards credentials. The bill prohibits these stipends from being counted toward future salary calculations or raises. It amends existing teacher certification laws to clarify that compensation for these certified teachers must follow this stipend structure rather than standard salary progression. This change directly affects teachers with the specified certifications who currently qualify for salary-based increases under Oklahoma law.

SB 472, titled "Oklahoma Parental Choice Tax Credit Act; expanding scope of scholarships while participating in the program," was withdrawn from committee on February 19, 2025, and is no longer active. The bill's original intent, as reflected in its title, was to expand tax credit eligibility for education scholarships under Oklahoma's parental choice program. However, with the title stricken and the bill withdrawn, no legislative action or policy changes were enacted. This procedural withdrawal means the proposed expansion of scholarship access did not advance.

SB 240 modifies Oklahoma's school funding formula by increasing the percentage of state education funds retained for midyear adjustments from 1.5% to 4%. It updates how State Aid is calculated using actual tax collections, adjusted assessed valuation, and weighted average daily membership (ADM) from the previous year. The bill affects all Oklahoma public school districts by changing their allocation method and removing outdated provisions related to tax calculations and reporting requirements. These changes aim to improve the accuracy of funding distributions while streamlining administrative processes.

SB 67 creates a dedicated "Rebuilding Oklahoma Access and Driver Safety Fund" to finance road and bridge projects, requiring annual state funding that increases from $575 million in 2021 to $1 billion by 2033. The fund must first cover transportation debt payments before funding other projects, with strict rules preventing it from replacing existing state transportation budgets. The Oklahoma Department of Transportation manages these funds, and the State Board of Equalization must annually verify that the fund enhances - not supplants - state transportation spending. This bill ensures predictable, growing funding for infrastructure while protecting existing state transportation resources.