Budget & Taxes (Business Taxes)

signed · Oklahoma · House May 28, 2025

HB 2764: Revenue and taxation; duties of the State Board of Equalization; certification of revenue amounts; income tax rate reduction; effective date.

HB 2764 establishes a framework for determining when Oklahoma can reduce income tax rates based on state revenue levels. It requires the State Board of Equalization to annually certify five-year average revenue amounts from oil, natural gas, and corporate income taxes. If projected revenue exceeds these averages, specific portions (100% for oil/gas, 25% to a reserve fund and 75% to a stabilization fund for corporate tax) must be deposited into state funds. This bill directly affects Oklahoma taxpayers paying these specific taxes and sets the revenue thresholds that would trigger future income tax rate reductions. The law was approved by the Governor on May 28, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesEnables income tax rate reductions when revenue exceeds thresholds, directs excess to stabilization fund, promoting fiscal responsibility and tax relief.90% confidence

Sub-Topics Business Taxes Income Tax Revenue

in committee · Oklahoma · House Feb 4, 2025

HB 1146: Revenue and taxation; county severance tax; election; apportionment; Oklahoma Tax Commission; effective date.

HB 1146 authorizes Oklahoma counties to levy a severance tax on surface-mined materials (excluding coal) at a maximum rate of $0.10 per ton, requiring voter approval through a special election or initiative petition. The tax revenue must be split equally: 50% for county road and bridge improvements, and 50% for municipal infrastructure projects based on population. Exemptions include limestone used for agriculture, materials sold for hydraulic fracturing, and personal extraction not for profit. Counties must notify taxpayers 60 days before rate changes and cannot impose additional fees on mining operations. The bill takes effect November 1, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesAuthorizes new severance tax to fund county roads/bridges and municipal infrastructure, directly allocating tax revenue to public infrastructure projects per bill's allocation.95% confidence ✓ TransportationSupports TransportationBill allocates 50% of severance tax revenue specifically for county road and bridge improvements, directly funding transportation infrastructure.95% confidence

Sub-Topics Business Taxes Revenue Sales Tax Bridges Roads & Highways Transportation Funding

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in committee · Oklahoma · House Feb 4, 2025

HB 2881: Revenue and taxation; deduction; broadband equipment; federal funds; effective date.

HB 2881 creates a tax deduction for Oklahoma businesses receiving specific federal broadband funding. It allows businesses to deduct funds distributed by the Oklahoma Broadband Office under federal programs like the American Rescue Plan Act (ARPA) and the Infrastructure Investment and Jobs Act's BEAD Program, provided the money is spent on broadband equipment or services. This deduction applies to taxable income for years starting January 1, 2025, and is distributed to pass-through business owners. The bill directly affects Oklahoma broadband providers and service entities using federal recovery funds for infrastructure.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax deduction for broadband business investments, reducing taxable income. Aligns with tax relief for business growth under federal broadband programs.95% confidence ✓ TechnologySupports TechnologyBill creates tax deduction for broadband equipment spending, directly advancing internet access infrastructure through financial incentives for businesses.95% confidence

Sub-Topics Business Taxes Tax Incentives Broadband Access

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in committee · Oklahoma · Senate Feb 4, 2025

SB 311: Taxation; gross production tax on certain interests; modifying tax rate. Effective date.

This bill modifies Oklahoma's gross production tax rates for oil and gas. It reduces the tax rate from 7% to 5% for oil and gas production from wells spudded before July 18, 2018, for 36 months. It also creates two new exemptions: a 5-year tax exemption for secondary/tertiary recovery projects (approved after July 1, 2022) and a 24-month exemption for wells completed using recycled water (proportional to recycled water use). Refunds for these exemptions are capped at $15 million annually for recovery projects and $10 million for recycled water projects. The bill directly affects oil and gas producers operating in Oklahoma.

Topics ✗ Budget & TaxesOpposes Budget & TaxesReduces oil/gas tax rates and creates exemptions, decreasing state tax revenue for specific production activities.95% confidence ✗ EnergyOpposes EnergyReduces oil/gas tax rates and creates exemptions for fossil fuel projects, directly subsidizing fossil fuel production over renewable alternatives.95% confidence ✗ EnvironmentOpposes EnvironmentReduces oil/gas production taxes, incentivizing increased extraction and weakening environmental protections by lowering regulatory costs for fossil fuels.85% confidence

Sub-Topics Business Taxes Tax Incentives Oil & Gas

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died · Oklahoma · House Feb 7, 2025

HB 1806: Revenue and taxation; individual income tax; tax rates; effective date.

HB 1806 amends Oklahoma's individual income tax code to reduce tax rates for most filers, effective for taxable years beginning in 2024. It lowers the top marginal tax rate from 5.50% to 4.75% for single filers and 5.50% to 4.75% for married couples filing jointly (after specific income thresholds), while eliminating deductions for federal income taxes paid. The bill directly affects all Oklahoma residents and nonresidents with taxable income subject to state income tax. Key provisions include revised tax brackets for both single and joint filers, with the lowest rate reduced to 0.25% on the first $2,000 of taxable income for married filers.

Topics ✓ Budget & TaxesSupports Budget & TaxesReduces top individual income tax rates from 5.50% to 4.75% for most filers, providing direct tax relief and aligning with fiscal responsibility indicators.95% confidence

Sub-Topics Business Taxes Income Tax

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in committee · Oklahoma · Senate Feb 3, 2026

SJR 25: Constitutional amendment; creating the Taxpayer's Bill of Rights.

SJR 25 proposes a constitutional amendment known as the "Taxpayer's Bill of Rights" that would require voter approval for most new or increased taxes, debt issuances, and certain spending changes by Oklahoma state and local governments. It establishes mechanisms for taxpayers to sue if taxes are collected illegally, with refunds plus interest for improperly collected funds, and limits annual spending growth for governments based on property value or enrollment changes. The amendment would prohibit new local income taxes, restrict property transfer taxes, and mandate specific voter disclosures before tax or debt votes, directly affecting all Oklahoma taxpayers and government entities.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRequires voter approval for tax increases/spending changes, limits annual spending growth, and enables taxpayer lawsuits for illegal collections. Directly restricts government fiscal authority per bill summary.95% confidence

Sub-Topics Business Taxes

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died · Oklahoma · House Feb 24, 2025

HB 2219: Revenue and taxation; Oklahoma Revenue and Taxation Act of 2025; effective date.

HB 2219, the "Crossroads Sound and Screen Act," creates tax rebates for music production companies that create content in Oklahoma. It offers tiered rebates (10-25% of facility costs, plus up to 14% more for Oklahoma-based talent or local work) with a $500,000 maximum per project and a $10 million annual spending cap. To qualify, companies must meet requirements like paying Oklahoma crews, carrying insurance, and participating in promotional activities. The program is administered by the Oklahoma Department of Commerce and Tax Commission using a dedicated revolving fund.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates tax rebates for businesses with $10M annual budget cap, directly implementing tax policy to incentivize economic activity.95% confidence

Sub-Topics Business Taxes Government Spending Tax Incentives

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passed · Oklahoma · Senate Apr 10, 2025

SB 291: Income tax credit; providing certain tax credit. Effective date.

SB 291 creates a refundable income tax credit for Oklahoma residents based on revenue growth from oil, natural gas, and corporate income taxes. If the State Board of Equalization certifies that revenue growth exceeds 10% in a year, the Oklahoma Tax Commission calculates a credit amount using a formula based on the number of individual and married-filing-jointly tax returns from the prior year. The credit is doubled for married couples filing jointly, and the Commission must publish the calculated amount within 45 days of certification. The credit applies to tax years starting in 2026, with a November 1, 2025 effective date.

Topics ✓ Budget & TaxesSupports Budget & TaxesRefundable tax credit directly provides tax relief to residents, aligning with support indicators for tax relief measures in Budget & Taxes.85% confidence ✓ EnergySupports EnergyBill creates tax credit tied to oil/natural gas revenue growth, directly supporting fossil fuel energy production within energy policy.90% confidence

Sub-Topics Business Taxes Income Tax Tax Credits Oil & Gas

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introduced · Oklahoma · Senate May 7, 2025

SCR 11: Concurrent resolution; stating legislative intent to reduce the individual income tax rate by 0.25% point.

SCR 11 is a concurrent resolution expressing the Oklahoma Legislature's intent to reduce the individual income tax rate by 0.25% for taxpayers. It directly affects all Oklahomans who pay individual income tax, aiming to return revenue to citizens while maintaining fiscal responsibility. The resolution urges state agencies to eliminate budget waste - particularly for unfilled positions - and protect core services like education and public safety during potential spending reductions. It does not enact a tax cut but formally states legislative intent to pursue this policy change during the upcoming session, citing Oklahoma's strong financial position with over $5 billion in reserves.

Topics ✓ Budget & TaxesSupports Budget & TaxesReduces individual income tax rate by 0.25%, returns revenue to citizens, promotes fiscal responsibility, and protects core services per summary.95% confidence ✓ EducationSupports EducationBill explicitly states protecting education as a core service during spending reductions, preventing defunding despite tax cut focus.85% confidence

Sub-Topics Business Taxes Income Tax Sales Tax

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in committee · Oklahoma · Senate Feb 6, 2025

SB 295: Income tax; modifying certain income tax rate for certain tax years. Effective date.

SB 295 lowers Oklahoma's top individual income tax rate for tax years beginning in 2024. It reduces the top rate from 5.50% to 4.75% for both single filers and married couples filing jointly (including heads of households). This change applies to all Oklahoma residents and nonresidents who file state income tax returns for the 2024 tax year. The bill modifies existing tax brackets but does not alter the income thresholds where the top rate applies.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill reduces top income tax rate (5.50% to 4.75%), weakening state revenue and contradicting fiscal responsibility indicators for Budget & Taxes.90% confidence

Sub-Topics Business Taxes Income Tax

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