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.
SB 2147 ensures that homeowners displaced by Oklahoma turnpike construction receive equitable property tax treatment when they claim a new homestead. If a homeowner's original homestead was purchased by the Oklahoma Department of Transportation for a turnpike project, their new homestead's initial taxable property value must match the taxable value of their prior homestead in the year it was purchased. This provision applies to those claiming a homestead exemption on their new property after displacement. The bill takes effect November 1, 2026, and codifies this tax assignment process in Oklahoma law.
SB 1141 allocates $100,000 from unallocated state general revenue funds to Oklahoma's Department of Mental Health and Substance Abuse Services for its existing statutory duties. The bill requires these specific funds to be used for mental health services without creating new programs or altering current service requirements. An emergency clause makes the law effective immediately upon passage, bypassing the typical governor's signature requirement. The bill became law on May 29, 2025, after being passed without gubernatorial action.
SB 1400 merges separate Oklahoma sales tax exemptions for aircraft maintenance facilities, aircraft manufacturing facilities, and certain aircraft parts into a single, unified exemption under the state tax code. This change directly affects businesses in Oklahoma's aircraft maintenance, manufacturing, and parts supply sectors by simplifying their eligibility for tax exemptions on qualifying purchases. The bill modifies existing statutory language in Sections 1357 and 1357.5 of the Oklahoma Sales Tax Code to combine these previously distinct exemptions. The policy change aims to streamline tax compliance for affected businesses without altering the scope of the exemptions themselves.
SB 66 creates a $10 million revolving fund specifically for airport improvements at regional airports located east of U.S. Highway 69, south of U.S. Highway 70, and within Oklahoma municipalities with populations between 10,000 and 20,000 people. The fund requires matching contributions of $10 million from local, county, tribal, federal, or private sources before state funds can be used for repairs, upgrades, or air traffic control towers at eligible airports. The state appropriates $10 million from the General Revenue Fund to the revolving fund, with unspent funds reverting to the General Revenue Fund by July 1, 2027, if no spending decisions are made. This bill directly affects smaller regional airports in southeastern Oklahoma meeting the specified population and geographic criteria.
HB 2793 allocates $8,000,000 from Oklahoma’s Progressing Rural Economic Prosperity Fund to establish an Emergency Medicine Revolving Fund, as created by prior legislation (HB 2784). This fund will support ongoing emergency medical services, directly affecting hospitals and emergency care providers across the state. The appropriation becomes effective July 1, 2025, and the bill declares an emergency to expedite implementation. The bill does not create new taxes or services but redirects existing state funds to this specific purpose.
HB 2516 creates the "Base Infrastructure Needs and Development - Schools Revolving Fund" (BIND-Schools Fund) within Oklahoma's State Treasury to support military base infrastructure. The fund, which has no annual budget restrictions, provides resources for the Oklahoma Military Department to invest in new construction or improvements to education facilities located on military bases. These investments aim to either reduce the risk of military base closures or encourage base expansions within Oklahoma. The law became effective July 1, 2025, after passing without the Governor's signature.
HB 2518 creates the "Base Infrastructure Needs and Development - Technology Revolving Fund" (BIND-Technology Fund) within Oklahoma's State Treasury to support military infrastructure. The Oklahoma Military Department uses this fund, alone or with other resources, to invest in projects like military simulation software licenses - aimed at preventing base closures or encouraging expansions in Oklahoma. The fund is permanent (not limited by fiscal years) and requires expenditures to be approved by the Office of Management and Enterprise Services. The bill became law without the Governor's signature on May 29, 2025.
SB 1401 modifies Oklahoma's insurance premium tax rates, reducing the rate from 2.25% to 1.96% effective July 1, 2026, for most insurers. It excludes annuity contract payments and Medicaid-related fees from taxable premiums, clarifying these are no longer subject to the tax. The bill also specifies that life insurance policies covering employees (up to $100,000) will be taxed at the reduced rate starting July 2026, with a small additional tax on amounts exceeding that threshold. Proceeds from these taxes for Medicaid-related policies must be deposited into the Medicaid Health Improvement Revolving Fund, bypassing standard state fund apportionment rules.
HB 1370 establishes a "Corporation Commission Plugging Fund" to address seeping natural gas and environmental safety issues related to oil and gas operations. The bill requires the fund to maintain $5 million, and if it falls below this level, an additional excise tax on oil and gas will be imposed until replenished. It specifies that 10.526% of oil excise tax revenue and 10.5555% of natural gas excise tax revenue must be allocated to this fund, with the remaining portions going to the General Revenue Fund and the Interstate Oil Compact Fund. The bill extends the fund's sunset date from 2026 to 2031, ensuring continued funding for these environmental response efforts.
