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.
HB 1243 creates the Oklahoma National Guard CareerTech Assistance Program, providing tuition assistance to eligible Oklahoma National Guard members enrolled in state technology center programs that lead to certification or licensure. The program covers tuition costs (up to a three-year limit) for members who agree to remain in service for 24 months after completing their training and maintain academic requirements like a 2.0 GPA. Members who fail to meet service or academic obligations must repay assistance calculated as a monthly amount based on the total assistance received, though hardship waivers are available. The program is funded through a new revolving fund in the state treasury, supported by annual state appropriations, and administered by the State Board of Career and Technology Education.
HB 1201 creates a 70% tax credit for Oklahoma taxpayers who donate to certified pregnancy resource centers, capping the credit at $50,000 per donor annually. To qualify, centers must provide free, non-abortion services (like prenatal care and counseling) without performing or referring for abortions, and must be certified by the state health director. The total annual tax credits for all donors are capped at $5 million, with annual adjustments to prevent exceeding this limit. The credit applies to donations of $100 or more and takes effect January 1, 2026.
HB 2745 creates new tax deductions for Oklahoma banks and credit unions that earn interest on qualifying agricultural and housing loans. It allows institutions to deduct up to $500,000 annually (for those with over $750 million in Oklahoma deposits) or $250,000 (for smaller institutions) from their privilege tax bill. The deductions apply to interest earned on agricultural real estate loans, agricultural operating loans, and single-family residence loans made between 2025 and 2028. Total deductions across all institutions are capped at $5 million per year, with annual adjustments to maintain this limit.
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 1203, the Strategic Bitcoin Reserve Act, would allow Oklahoma's State Treasurer to invest up to 10% of specific state funds (General Fund, Revenue Stabilization Fund, and Constitutional Reserve Fund) in Bitcoin or digital assets with a $500 billion+ market cap, plus approved stablecoins. The bill requires all digital assets to be held through secure custody solutions meeting strict security standards, including multi-party governance and encrypted storage in geographically diverse facilities. It also mandates that taxes paid in Bitcoin be converted to U.S. currency and transferred to the State General Fund, and permits state retirement funds to hold digital assets under similar secure custody rules. The act applies directly to state treasury operations, retirement funds, and tax collection processes. The bill was introduced in 2025 but failed in committee in April 2025.
SB 1114 creates a property tax credit for Oklahoma homeowners with qualifying homesteads who meet the existing "limitation on growth of fair cash value" under state law. The credit equals the difference between a homeowner's current year property tax and the prior year's tax, but only if the current tax is lower. County assessors must deduct this credit from the tax bill by October 1 annually, though the credit cannot reduce taxes below zero. The credit applies starting tax year 2026 and is codified in Oklahoma Statutes. It directly affects qualifying homestead property owners by potentially lowering their annual property tax burden.
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.
