SJR 44 is a constitutional amendment requiring voter approval for property tax changes and debt issuance. It would raise the threshold from a simple majority to at least two-thirds of registered voters casting ballots for any new tax, tax increase, or debt issuance by counties, cities, or other local governments. The amendment affects all local taxing jurisdictions in Oklahoma by making it harder to pass tax or debt measures without broad public support. It applies to existing constitutional provisions governing property taxes (Sections 6B, 8, 9, etc.) and revenue bills, though it does not change current tax exemptions like manufacturing incentives. The measure must be approved by voters in an election to take effect.
HB 3806 creates a tax credit for Oklahoma businesses that accept credit or debit card payments. It allows eligible businesses to claim a credit equal to 100% of their credit card processing fees that exceed 2% of total transaction volume. The credit reduces state income tax liability but cannot lower it below zero, and unused portions may be carried forward for up to five years. This applies to taxable years beginning January 1, 2027, and affects businesses like retailers, restaurants, and service providers processing card payments. The credit is allocated to business owners (e.g., partners, shareholders) if the business is treated as a partnership for federal tax purposes.
HB 4432 amends Oklahoma's tax code to eliminate a limitation on itemizing wagering income for tax purposes and updates statutory references throughout the Oklahoma Revenue and Taxation Act. It specifically adjusts how businesses calculate Oklahoma taxable income, particularly regarding federal net operating loss deductions and the allocation of income from property or business activities. The bill clarifies that Oklahoma net operating losses must be separately determined using federal rules but without requiring a federal loss, and it updates rules for allocating income from intangible property and certain business activities. This is a procedural update to the tax code, not a new tax or policy change, and it affects businesses and individuals filing Oklahoma income taxes. The bill was introduced in 2026 but has not advanced beyond committee referral.
HB 4318 allows Oklahoma businesses collecting sales and use tax to deduct a small amount for record-keeping and filing costs. Specifically, it authorizes a 1% deduction on the tax owed (capped at $1,000 per month per business account), but excludes deductions for direct payment permits or late filings (unless due to a declared natural disaster). The bill applies directly to businesses that collect and remit sales/use tax in Oklahoma, covering both the tax calculation process and monthly reporting requirements. It becomes effective November 1, 2026.
SB 1992 creates a new income tax credit program for businesses constructing or expanding facilities in qualifying locations across Oklahoma, such as underpopulated counties (under 100,000 people) or near rail infrastructure. It allows a 10% tax credit on construction and expansion costs (up to $6 million per project) and a 50% credit for rail infrastructure projects (up to $3 million per project), with a total annual state cap of $12 million. The bill defines "strategic finance partner" as entities providing capital (like loans or investments) to qualifying projects, enabling them to claim the tax credit through assignment to the business. The credit expires after tax year 2027 and requires Oklahoma Department of Commerce approval for project eligibility.
Oklahoma Senate Bill 227 modifies tax exemptions for oil and gas producers by limiting eligibility for gross production tax refunds to specific years (2005-2013 and 2022-2024). It caps annual refunds at $12.5 million for 2015-2016 and $10 million for 2022-2024, requiring producers to qualify as "economically at-risk" leases based on production volume and profitability thresholds. Producers must submit documentation to the Oklahoma Tax Commission to claim refunds for prior-year production, with claims due by the bill’s effective date for 2024. The bill directly affects oil/gas operators seeking refunds on past production under these revised rules.
SB 293 modifies Oklahoma's individual income tax rates for tax years beginning in 2024. It directly affects all Oklahoma residents and nonresidents who file individual income tax returns. The bill establishes new tax brackets with lower rates, reducing the top marginal rate to 4.75% for single filers and 4.75% for married couples filing jointly (down from previous rates like 5.50% or 6.75%). The change applies to all taxable income above specified thresholds, streamlining the tax computation for 2024 and subsequent years.
SB 1 requires Oklahoma's State Board of Equalization to certify five-year revenue averages for oil, natural gas, and corporate income taxes. If annual tax collections exceed these averages by $400 million or more, it automatically reduces individual and corporate income tax rates. This directly affects all Oklahoma taxpayers by linking potential tax cuts to specific revenue growth thresholds. The $400 million trigger adjusts for inflation every decade starting in 2035.
SB 573 allows small businesses operating within Oklahoma incubators to qualify for up to 10 years of state income tax exemption on business income earned while occupying the incubator space. To maintain this exemption after 2025, businesses must annually submit specific financial and operational details - including employment levels, subcontractor payments, revenue estimates, and other financial information - to the Oklahoma Department of Commerce using a form created by the agency. The bill requires the Commerce Department to establish this reporting framework and mandates that businesses disclose prior tax exemptions and additional state incentives received. This law, effective November 1, 2025, applies directly to small businesses using incubator facilities to access the tax benefit.
HB 2447 creates a 25% income tax credit for businesses that invest in qualified broadband telecommunications infrastructure in Oklahoma, effective for tax years beginning after December 31, 2025. The credit covers the cost of equipment, facilities, and technology used to provide high-speed internet service, with the credit limited to reducing tax liability to zero and allowing unused portions to be carried forward for up to five years. This policy directly affects businesses building or upgrading broadband networks, particularly in rural areas as defined by the Rural Broadband Expansion Council. The bill aims to incentivize broadband expansion by reducing costs for infrastructure investment. It becomes effective January 1, 2026.
