HB 3961 creates the "Oklahoma Affordable Housing Tax Credit Policy Act of 2026," establishing a new tax credit program to support affordable housing development. The bill directly affects developers and investors who construct or rehabilitate qualifying affordable housing projects in Oklahoma. Key provisions authorize the state to issue tax credits against income tax liabilities for projects meeting specific affordability and location criteria. The program will become effective November 1, 2026, though the bill text does not specify credit amounts, eligibility rules, or administrative details beyond its framework.
HB 3760 creates tax credits for Oklahomans who donate to certified law enforcement foundations supporting local police departments. Taxpayers can claim credits up to $5,000 annually (single filers) or $10,000 (married/joint filers), with a total annual cap of $75 million statewide and $3 million per foundation. Foundations must be certified by the state, and donations must fund specific officer needs like training, equipment, or joint emergency response teams - *not* regular salaries. The bill requires foundations to report spending and sets strict limits to ensure credits don’t exceed state revenue goals.
SB 2156 modifies Oklahoma's individual income tax rates for 2024 and 2025, lowering the top tax rate to 4.75% for single filers and 3.75% for married couples filing jointly on income above specific thresholds. The bill affects all Oklahoma residents and nonresidents with taxable income who file individual tax returns. It also eliminates certain duties previously required of the State Board of Equalization. The changes apply only to tax returns filed for 2024 and 2025.
SB 1988 increases fees for money transfer businesses in Oklahoma, requiring a $20 fee per transaction under $500 plus 4% for amounts over $500. It also creates a tax credit for customers who pay these fees, allowing them to claim the fee amount against their income tax. The bill modifies rules for claiming the credit, specifying it can't reduce tax below zero and must be claimed in specific tax years (e.g., 2009-2010 fees claimed on 2010 returns). All fees collected will fund the Drug Money Laundering and Wire Transmitter Revolving Fund. The bill takes effect January 1, 2027.
HB 3319 expands Oklahoma's debt collection system by allowing certain qualified entities - including municipal public authorities, public trusts, and courts - to deduct unpaid debts directly from state income tax refunds. It specifically permits collection of court fines/costs (minimum $50), delinquent utility charges (90+ days overdue with disconnection), and other debts from taxpayers who filed state tax returns. The Oklahoma Tax Commission would deduct the amount from refunds after sending written notice, with a 5% collection fee withheld, and taxpayers retain the right to contest claims within 30-60 days. This affects taxpayers with outstanding debts to these entities and streamlines collections for local governments and courts.
SB 1986 updates Oklahoma's income tax code to clarify how taxpayers adjust federal net operating loss deductions when calculating Oklahoma taxable income. It modifies Section 2358 to specify that for tax years beginning after 2000, Oklahoma net operating losses must be separately calculated under state law, not federal rules, and adjusts carryback periods for certain years. This primarily affects businesses and individuals claiming net operating loss deductions on their Oklahoma tax returns. The bill makes technical updates to statutory language and references but does not create new tax exemptions.
SB 2059 creates an income tax credit called the "Promote Child Thriving Act" for married biological parents of children under 18. It provides a $500 credit per child for children living with both married biological parents, or a $1,000 credit if the parents were married before the child's birth. To qualify, parents must be legally married, listed on the child's birth certificate (or custodial), and reside together for at least six months (with limited exceptions). The credit is non-refundable and must be claimed via a form approved by the Oklahoma Tax Commission, directly affecting married biological parents raising children in their home.
HB 3704 directs Oklahoma to participate in a federal income tax credit program allowing individuals to claim a credit for donations to scholarship granting organizations (SGOs). The bill requires the Governor to certify Oklahoma's participation to the U.S. Treasury and designates the Oklahoma Tax Commission to register SGOs, maintain their lists, and handle federal reporting. This enables Oklahoma taxpayers to claim the federal credit for qualifying donations, while coordinating with Oklahoma's existing state tax credit for SGO contributions. The law takes effect July 1, 2026, and remains in place until changed by law or federal policy.
HB 4064 modifies Oklahoma's tax calculation rules for income tax purposes. It adjusts how state tax liability is calculated by adding state/local interest income not federally exempt, deducting amounts federal law prohibits taxing, and changing how businesses can carry forward net operating losses (e.g., limiting loss carrybacks to two years for certain tax years). These changes apply directly to Oklahoma taxpayers, including both individuals and corporations, when filing state income tax returns. The bill updates existing tax code provisions to align with federal rules and clarify income allocation methods.
HB 3916 modifies Oklahoma's tax exemption rules for nonprofit hospitals. It specifically removes sales tax exemptions from nonprofit hospitals that charge Medicare patients commercial insurance fees exceeding what Medicare covers. The bill amends tax code sections to prohibit such hospitals from claiming exemptions if they impose these extra charges. This directly affects nonprofit hospitals that overbill Medicare patients on commercial insurance policies. The change aims to align hospital tax treatment with Medicare billing practices.
