SB 223 allows Oklahoma taxpayers to claim a state income tax credit for stillborn children. Specifically, it authorizes a credit equal to 5% of the federal child tax credit (as defined under the Internal Revenue Code) for each stillbirth resulting in a birth certificate issued under Oklahoma law. This credit must be claimed in the tax year the stillbirth occurs, and it applies only if the child would have been a household member. The Oklahoma Tax Commission may establish rules to implement this provision.
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 367 modifies Oklahoma's earned income tax credit (EITC) calculation for tax years 2022 through 2025. It sets the state credit at 5% of the federal EITC amount and requires that the maximum credit be prorated based on how much a taxpayer's Oklahoma-adjusted gross income compares to their federal adjusted gross income. This change directly affects low-to-moderate income Oklahoma residents who claim the state EITC on their tax returns. The bill takes effect November 1, 2025.
SB 108 would remove a restriction preventing Oklahoma taxpayers from deducting gambling losses against their taxable income for certain tax years. This change directly affects individual taxpayers who have wagering losses in qualifying tax years, allowing them to deduct these losses as itemized deductions. The bill amends Oklahoma's tax code (68 O.S. § 2358) to eliminate the existing limitation on such deductions. It does not change other tax provisions or create new requirements.
SB 72 updates Oklahoma's Sales Tax Relief Act to adjust income thresholds and refund amounts for low-income residents filing for sales tax refunds. For 2025 and beyond, single filers without dependents or special circumstances may claim up to $200 annually if their household income is under $35,000 (or $100 under $40,000). Individuals with dependents, disabilities, or who are 65+ may claim up to $200 under $45,000 (or $150 under $50,000). The bill directly affects Oklahoma residents meeting these income criteria who file annual sales tax relief claims.
SB 239 modifies Oklahoma's tax credit for electricity generated by zero-emission facilities (like wind, solar, hydro, or geothermal power plants). It limits the credit to tax years ending by 2025, ending the ability to carry forward unused credits beyond that year. For credits claimed after July 2019, taxpayers must choose between receiving an 85% direct refund or carrying the credit forward for up to 10 years (ending in 2025). This bill directly affects businesses and entities generating eligible renewable electricity in Oklahoma, altering how they can use or access these tax credits.
SB 231 expands Oklahoma's August sales tax holiday to include additional school-related items. It adds school art supplies, school instructional materials (like reference books), and school computer supplies to the list of exempt items, alongside existing clothing, footwear, and sports equipment. The exemption applies to purchases under $100 during the three-day holiday period (first Friday in August to Sunday following). This directly affects students, parents, and schools purchasing these specific educational items during the tax-free window. The bill does not change the existing tax holiday dates or price threshold.
SB 1124 requires Oklahoma school districts (excluding technology centers) to set property tax levies high enough to fully redeem bonds and pay interest within the originally proposed timeframe. If a bond is redeemed early at a discount (below par), the district must reduce its tax levy to zero for one full tax year and cannot issue new bonds for the same purpose for one year. The State Auditor enforces these rules, and non-compliant districts must transfer 10% of state aid to an education fund, or face limits on future bond issuance. The bill takes effect November 1, 2025.
SB 474 requires businesses that buy goods to resell (like wholesalers) to obtain a free permit from the Oklahoma Tax Commission to claim sales tax exemption on those purchases. Vendors must honor valid permits, and claiming exemption without one is a misdemeanor punishable by up to $1,000. Permits expire June 30 annually and can be verified electronically by sellers through a system developed by the Tax Commission. This replaces the previous system where businesses could self-claim the exemption without verification. The bill takes effect June 1, 2026.
SB 38 modifies Oklahoma's sales tax revenue allocation to provide a fixed annual amount for the Oklahoma Historical Society. It specifies that starting in fiscal year 2026, 0.06% of sales tax revenue will be directed to the Historical Society's Capital Improvement and Operations Revolving Fund, capped at $1,880,553.25 annually. This change directly affects the Historical Society's funding, replacing the previous cap based on 2015 apportionment amounts. The bill does not alter other tax revenue allocations for education, tourism, or general funds.
