Budget & Taxes (Tax Incentives)

in committee · Oklahoma · House Feb 4, 2025

HB 1972: Revenue and taxation; sales tax exemptions; income tax; disabled veterans; effective date.

HB 1972 would create a sales tax exemption for disabled veterans in Oklahoma purchasing tangible personal property (such as everyday items), expanding existing tax exemptions to include this group. It directly affects disabled veterans by eliminating sales tax on their purchases of goods like clothing, electronics, or furniture. The bill amends Oklahoma’s sales tax code (Section 1357) to add disabled veterans to the list of exempt categories, mirroring exemptions already provided to organizations like Meals on Wheels. This policy change lowers out-of-pocket costs for qualifying veterans without altering tax rates or creating new administrative requirements.

Topics ✓ Budget & TaxesSupports Budget & TaxesExempts disabled veterans from sales tax, providing targeted tax relief aligning with support indicators for lower-income groups.90% confidence ✓ VeteransSupports VeteransCreates sales tax exemption for disabled veterans on tangible goods, reducing financial burden and expanding existing benefits.95% confidence

Sub-Topics Income Tax Sales Tax Tax Incentives Veteran Education

Track

in committee · Oklahoma · House Feb 4, 2025

HB 1970: Revenue and taxation; Filmed in Oklahoma Act of 2021; incentive amounts; effective date; emergency.

HB 1970 amends Oklahoma's Filmed in Oklahoma Act to adjust tax incentives for film and television productions filmed in the state. It sets a base incentive of 30% of eligible production costs (excluding above-the-line personnel) and adds specific bonus incentives for qualifying projects, such as 3% for on-location filming in smaller counties, 5% for soundstage use, 2-5% for post-production in Oklahoma, and 2.5% for faith-based content. The bill limits total incentives to 30% of eligible costs and takes effect July 1, 2025. It directly affects film producers seeking tax benefits for Oklahoma-based productions.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill explicitly modifies tax incentives (30% base + bonuses) for film productions, directly addressing taxation policy within Budget & Taxes topic.90% confidence

Sub-Topics Tax Incentives

Track

in committee · Oklahoma · Senate Feb 4, 2025

SB 471: Economic Incentives; expanding requirements; defining term. Effective date.

SB 471 requires all new Oklahoma economic incentives for businesses (including tax credits, grants, loans, or payments) to include measurable goals like job creation or investment targets, and limits tax credit programs to a maximum of 10 years. It directly affects businesses receiving state economic incentives by mandating clear outcome tracking and time limits. The bill expands the definition of "incentive" to cover tax credits tied to specific jobs or industries, grants, and state payments. The law takes effect November 1, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesRequires measurable outcomes for tax credits and limits duration, promoting fiscal accountability in state spending and preventing indefinite tax breaks.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives Tags Economic Development

Track

in committee · Oklahoma · Senate Mar 24, 2025

SB 234: Income tax credit; providing credit for certain qualified expenditures on adaptive reuse project. Effective date.

This Oklahoma bill creates a tax credit program to encourage converting old, vacant buildings into housing. Property owners can claim up to 50% of qualified costs (like environmental cleanup, code upgrades, or system repairs) for adaptive reuse projects on structures at least 30 years old that have been vacant or underutilized (with rent below 50% of market rate). The program has a $5 million annual cap on approved credits, with unused funds carried forward to future years. Credits cannot reduce tax liability below zero but may be carried forward for up to 10 years. The Oklahoma Department of Commerce and Tax Commission will administer the program and prioritize projects based on local housing needs.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates income tax credit for property owners, reducing tax liability to incentivize adaptive reuse projects, aligning with tax relief support for housing development.90% confidence ✓ EnvironmentSupports EnvironmentBill explicitly includes 'environmental cleanup' as a qualified cost for tax credits, directly advancing environmental protection through adaptive reuse projects.85% confidence ✓ HousingSupports HousingCreates tax credit for adaptive reuse of vacant buildings into housing with rent below 50% market rate, directly advancing affordable housing development.92% confidence

Sub-Topics Income Tax Tax Credits Tax Incentives Affordable Housing Historic Preservation Renters

Track

died · Oklahoma · House Feb 17, 2025

HB 2366: Revenue and taxation; income tax credit; biomanufacturing; effective date.

HB 2366 creates a $5,000 annual income tax credit for qualified employees working in Oklahoma's biomanufacturing sector, available for up to five years total per employee. It directly affects new employees (not previously working in the sector) who hold relevant engineering degrees from ABET-accredited programs or hold a Professional Engineer license. The credit applies to taxable years beginning after December 31, 2025, and cannot reduce tax liability below zero, with unused credits carryable to subsequent years. Employers must be "qualified" (engaged in biomanufacturing), and employees must meet specific education or licensing criteria to qualify.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates targeted income tax credit for biomanufacturing employees, providing tax relief as a fiscal incentive, aligning with support indicators for tax relief programs.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentProvides $5,000 annual income tax credit to biomanufacturing employees with specific qualifications, directly increasing disposable income and expanding targeted worker benefits.85% confidence ✓ TechnologySupports TechnologyBill creates tax credit for biomanufacturing sector employees, directly funding a technology industry (biotechnology) through financial incentives, aligning with 'fund' for technology growth.90% confidence

Sub-Topics Income Tax Tax Credits Tax Incentives

Track

in committee · Oklahoma · House Feb 10, 2025

HB 1198: Revenue and taxation; ad valorem; homestead exemption; definition; effective date.

HB 1198 adds a $1,000 property tax break for Oklahoma homeowners with household income under $30,000 annually. It directly affects low-income primary homeowners (defined as those maintaining a home and providing for household necessities) by exempting $1,000 of their property's assessed value from taxes. Homeowners must apply yearly by March 15 (or within 30 days of a valuation notice) and certify income, which includes most earnings like Social Security but excludes veterans' benefits and pandemic relief payments. Seniors aged 65+ who previously qualified do not need annual applications but must report income exceeding $30,000 to maintain the exemption.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides direct tax relief for low-income homeowners through a $1,000 property tax exemption, aligning with support indicators for lower-income tax relief.95% confidence ✓ HousingSupports HousingProvides $1,000 property tax break for low-income homeowners ($30k income cap), directly reducing housing costs and increasing affordability for primary residents.95% confidence

Sub-Topics Property Tax Tax Incentives Property Taxes

Track

in committee · Oklahoma · Senate Feb 4, 2025

SB 818: Ad valorem tax; modifying amount of exemption, income limit, and age for additional homestead exemption. Effective date.

SB 818 proposes to increase Oklahoma's additional homestead property tax exemption from $1,000 to $3,000 annually for eligible homeowners. It raises the income limit for qualification from $30,000 to $40,000 and lowers the automatic renewal age from 65 to 60 years. This bill would directly affect low-to-moderate-income homeowners aged 60+ who qualify as heads of household, requiring annual applications unless they meet the age threshold. The changes would take effect November 1, 2025, if passed.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases homestead tax exemption, providing direct tax relief to low-to-moderate-income homeowners aged 60+ through higher exemption amounts and expanded eligibility.95% confidence

Sub-Topics Property Tax Tax Incentives

Track

passed · Oklahoma · Senate Apr 10, 2025

SB 289: Sales tax; exemptions for governmental and nonprofit entities; modifying period of exemption for certain museums. Emergency.

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill extends tax exemption period for museums, providing tax relief under sales tax policy, directly aligning with tax relief indicators.95% confidence

Sub-Topics Sales Tax Tax Incentives

Track