Budget & Taxes (Tax Incentives)

in committee · Oklahoma · House Feb 17, 2025

HB 2218: Economic development; Local Music Incentive Act of 2025; definitions; incentives; reports; procedures; effective date; emergency.

HB 2218 creates a state tax rebate program to support local music performances in Oklahoma. It provides rebates on sales tax or drink sales tax collected by venues during eligible events, capped at $10 million annually. To qualify, events must feature Oklahoma-based performers (individuals or businesses owned by Oklahomans) for at least 30 minutes, with venues paying performers at least $100 per event. The rebate limits are $2,000 per event and $50,000 per venue yearly, applying to both ticketed and unticketed venues that sell taxable goods or drinks.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax rebates (sales/drink tax) for venues hosting local music events, capping annual spending at $10M to incentivize economic development through targeted tax relief.95% confidence

Sub-Topics Sales Tax Tax Incentives

Track

in committee · Oklahoma · Senate Feb 9, 2026

SB 1393: Income tax credit; creating the RESTORE Act; providing credit for certain adaptive reuse projects. Effective date. Emergency.

SB 1393, the RESTORE Act, creates a 50% tax credit for developers converting old, vacant commercial buildings (over 50 years old, vacant for 3+ years, and not eligible for historic tax credits) into residential housing. It directly affects property owners or developers who undertake "adaptive reuse" projects, covering extra renovation costs like environmental cleanup, code compliance, and infrastructure upgrades. The credit is capped at $5 million annually (2027-2037), requires 20% of units to be affordable for 10 years, and allows unused credit to carry forward to future tax years. Projects must meet specific affordability and location criteria, with annual reports tracking housing units and economic impact.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates 50% tax credit for adaptive reuse projects, providing direct tax relief to developers for renovation costs, aligning with tax relief indicators.95% confidence ✓ EnvironmentSupports EnvironmentBill covers environmental cleanup costs for adaptive reuse projects, directly supporting environmental protection through renovation incentives and reuse of existing structures.85% confidence ✓ HousingSupports HousingCreates 50% tax credit for converting vacant commercial buildings into residential housing, requiring 20% affordable units, directly advancing housing development and affordability.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives Affordable Housing Historic Preservation

Track

in committee · Oklahoma · House Feb 4, 2025

HB 1923: Research and development; Oklahoma Research and Development Tax Incentive Act of 2025; effective date.

HB 1923 creates a new state tax credit for businesses conducting qualified research and development (R&D) activities in Oklahoma. It directly affects Oklahoma-based companies that invest in R&D, allowing them to claim a credit against their state income tax for eligible expenses. The credit applies to qualifying R&D costs incurred after the bill's effective date of November 1, 2025. This policy change aims to incentivize in-state innovation by reducing the tax burden on R&D spending.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit for R&D businesses, reducing tax burden to incentivize innovation, directly altering state tax policy to promote economic development.95% confidence ✓ TechnologySupports TechnologyCreates tax credit for R&D spending, directly funding tech innovation and incentivizing Oklahoma businesses to invest in technology development.95% confidence

Sub-Topics Income Tax Tax Credits Tax Incentives

Track

in committee · Oklahoma · Senate Feb 4, 2025

SJR 10: Constitutional amendment; expanding veteran ad valorem tax exemption.

This constitutional amendment (SJR 10) proposes expanding Oklahoma's property tax exemptions for veterans. It would allow all honorably discharged veterans and their unremarried surviving spouses - regardless of disability status - to claim full exemptions on both household personal property and homesteads (primary residences) from ad valorem taxes. The bill removes the current requirement that veterans must have a 100% disability certification to qualify. To qualify, applicants must prove Oklahoma residency and meet existing homestead exemption criteria. If approved by voters, this change would apply to tax years beginning in 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands property tax exemptions for veterans, removing disability requirement to provide broader tax relief, aligning with support indicators.95% confidence ✓ VeteransSupports VeteransExpands property tax exemption for all honorably discharged veterans and surviving spouses by removing disability requirement, increasing access to financial benefit.95% confidence

Sub-Topics Property Tax Tax Incentives Veteran Education

Track

in committee · Oklahoma · Senate Feb 3, 2026

SB 1211: Ad valorem tax; prohibiting entities with certain employees from receiving exemption for manufacturing facilities. Effective date.

SB 1211 requires manufacturing facilities seeking a property tax exemption to pay new direct jobs an average annual wage meeting Oklahoma's Quality Jobs Program Act standards. This applies to facilities applying for exemption after January 1, 2023, linking tax benefits directly to wage requirements for new hires. The bill updates existing exemption rules by adding this wage verification step, without changing the 5-year exemption period or other basic eligibility criteria. It affects manufacturers aiming to qualify for tax breaks under Oklahoma's ad valorem tax code.

Topics ✓ Budget & TaxesSupports Budget & TaxesAdds wage requirement for manufacturing tax exemptions, linking tax benefits to job quality and closing potential loopholes in tax policy.90% confidence ✓ Labor & EmploymentSupports Labor & EmploymentRequires new manufacturing hires to meet wage standards for tax exemptions, advancing worker compensation through direct linkage to tax benefits.95% confidence

Sub-Topics Property Tax Tax Incentives

Track

in committee · Oklahoma · House Feb 4, 2025

HB 1602: Revenue and taxation; income tax credits; qualified employees; qualified employers effective date.

HB 1602 creates tax credits for Oklahoma vehicle manufacturing companies that hire engineers with ABET-accredited degrees. Employers can claim a 50% credit on tuition reimbursement (capped at $5,000 annually) and 5-10% on salaries (capped at $12,500 annually) for the first 4-5 years of employment. Total credits are limited to $3 million annually for employer credits and $2 million for employee credits. The program expires after 2031.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill creates targeted tax credits for employers, reducing state revenue and weakening fiscal management per 'oppose' indicators (limits tax income via corporate incentives).90% confidence

Sub-Topics Income Tax Tax Incentives

Track

signed · Oklahoma · House May 12, 2025

HB 1205: Revenue and taxation; repeal; small wind turbine tax credit; effective date.

HB 1205 repeals Oklahoma's tax credit for small wind turbine installations by removing Section 2357.32B from the state's tax code. This change directly affects small wind turbine owners and installers who previously qualified for the credit. The repeal takes effect on November 1, 2025, eliminating the tax incentive for new installations after that date. The bill is procedural and does not create new policy, only removing an existing tax provision.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRepealing tax credit for small wind turbines directly eliminates a tax incentive, reducing fiscal support for renewable energy projects.95% confidence ✗ EnergyOpposes EnergyRepealing tax credit for small wind turbines removes financial incentive, weakening renewable energy development support.90% confidence ✗ EnvironmentOpposes EnvironmentRepeals tax credit for small wind turbines, eliminating financial incentive for clean energy adoption and weakening renewable energy support per bill summary.90% confidence

Sub-Topics Tax Credits Tax Incentives Wind

in committee · Oklahoma · House Feb 4, 2025

HJR 1009: Oklahoma Constitution; ad valorem; homestead exemption; disabled veterans; ballot title; filing.

This bill proposes a constitutional amendment to expand Oklahoma's homestead tax exemption for disabled veterans. It would allow veterans with disability ratings from 10% to 100% (previously limited to 100%) to qualify for a tiered tax exemption on their home's value: 25% for 10-29% disability, 50% for 30-49%, 75% for 50-69%, and 100% for 70-100%. Surviving spouses of qualifying veterans would also be eligible. To qualify, veterans must prove Oklahoma residency, have a VA-certified disability, and meet existing homestead exemption requirements. The amendment would take effect January 1, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands property tax exemption for disabled veterans, reducing their tax burden - direct tax relief aligning with support indicators for lower-income groups.95% confidence ✓ VeteransSupports VeteransExpands homestead tax exemption eligibility for disabled veterans from 100% to 10% disability rating with tiered exemptions, directly strengthening veterans' financial benefits.95% confidence

Sub-Topics Property Tax Tax Incentives Veteran Benefits

Track

in committee · Oklahoma · House Feb 19, 2026

HB 1171: Revenue and taxation; sales tax exemption; nonprofit entities; limitation on gross revenues; exception for alcohol and tobacco; effective date; emergency.

HB 1171 modifies Oklahoma's sales tax exemption rules for nonprofits by requiring organizations to have annual gross revenue under $500,000 to qualify for exemption on tangible personal property and services. It specifically excludes alcohol and tobacco sales from the exemption, meaning nonprofits selling these items cannot claim tax-free status. This change directly affects small nonprofits that previously qualified for full exemption but now must meet the revenue threshold to maintain tax-free status on other sales. The bill also updates existing exemption categories but does not alter the core tax treatment for qualifying nonprofits beyond the revenue limit and alcohol/tobacco exception.

Topics ✓ Budget & TaxesSupports Budget & TaxesRestricts nonprofit tax exemptions to increase state revenue, closing a loophole for higher-revenue entities and ensuring alcohol/tobacco sales are taxable.90% confidence

Sub-Topics Sales Tax Tax Incentives

Track

in committee · Oklahoma · Senate Feb 4, 2025

SB 1087: Ad valorem tax; providing credit for certain expenditures or reduction in fair cash value resulting from lack of enforcement of political subdivision. Effective date.

SB 1087 allows property owners in Oklahoma to claim a credit against their annual property tax if local governments (counties, cities, or municipalities) fail to enforce laws against specific public nuisances like illegal camping, obstruction of streets, or public intoxication. The credit equals either the reduced property value caused by this inaction or the reasonable costs the owner incurred to mitigate the nuisance (e.g., security fencing). Property owners may claim this credit once yearly, with unused portions carried forward for up to 10 years, and local governments must prove the credit amount is unreasonable if challenged. The bill explicitly excludes credits for case-by-case prosecutorial decisions or federal-mandated actions.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides property tax credit for owners affected by local government inaction on nuisances, reducing tax burden per bill's tax relief mechanism.95% confidence

Sub-Topics Property Tax Tax Incentives

Track