Budget & Taxes (Business Taxes)

passed · Oklahoma · Senate Apr 17, 2025

SB 304: Income tax; limiting certain personal exemption to certain tax years; modifying amount of standard deduction for certain tax years. Effective date.

SB 304 modifies Oklahoma's individual income tax structure for the 2024 tax year. It establishes new tax brackets with lower rates (0.25% to 4.75% for single filers, 0.25% to 4.75% for married couples filing jointly) compared to prior years, replacing older rates. The bill also limits certain personal exemptions to specific tax years and adjusts standard deduction amounts. These changes directly affect all Oklahoma residents filing individual income tax returns for 2024. The bill updates statutory references and language but does not create new taxes.

Topics ✓ Budget & TaxesSupports Budget & TaxesLowers 2024 income tax brackets (0.25%-4.75%) compared to prior years, providing tax relief to Oklahoma residents filing individual returns.95% confidence

Sub-Topics Business Taxes Income Tax

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passed both · Oklahoma · House Apr 14, 2025

HB 1539: Revenue and taxation; individual income tax; rates; brackets; revenue determinations; effective date.

HB 1539 lowers Oklahoma's individual income tax rates for the 2024 tax year. It reduces the top tax rate from 5.50% to 4.75% for most filers, with new brackets starting at 0.25% on the first $1,000 of income (e.g., 0.75% on the next $1,500 for single filers). The bill affects all Oklahoma residents and nonresidents who file individual income tax returns, applying to taxable income earned in 2024. The change eliminates the previous tiered top rate structure and requires no deduction for federal income taxes paid.

Topics ✓ Budget & TaxesSupports Budget & TaxesLowers individual income tax rates for most filers, providing tax relief and reducing the top rate from 5.50% to 4.75%.95% confidence

Sub-Topics Business Taxes Income Tax

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in committee · Oklahoma · Senate Feb 24, 2025

SB 98: Income tax; modifying certain rates, exemptions, and deductions for certain tax years. Effective date. Emergency.

SB 98 modifies Oklahoma's individual income tax rates for the 2024 tax year. It lowers the top marginal tax rate to 4.75% for single filers and similar rates for married couples filing jointly, replacing previous rates of 5.25% or 5.50%. The bill affects all Oklahoma residents and nonresidents filing individual income tax returns for 2024. Key provisions define new tax brackets with reduced rates across income levels, specifically targeting the 2024 tax year. The change applies to taxable income calculated under Oklahoma law for that year.

Topics ✓ Budget & TaxesSupports Budget & TaxesLowers top tax rate for 2024, providing tax relief across income brackets per bill summary.90% confidence

Sub-Topics Business Taxes Income Tax

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in committee · Oklahoma · House Feb 4, 2025

HB 1207: Revenue and taxation; income tax; rate; effective date.

HB 1207 lowers Oklahoma's individual income tax rates for tax years beginning in 2024 and 2025. It reduces the top tax rate for single filers from 5.50% to 4.75% on income above $6,200 (and for joint filers, from 5.50% to 4.75% above $12,400), while lowering rates across all income brackets compared to previous years. The bill directly affects all Oklahoma individual taxpayers (residents and nonresidents) who file state income tax returns, as it modifies the state's tax calculation method. The changes take effect for tax years starting in 2024, with no deduction allowed for federal income taxes paid.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill lowers individual income tax rates across all brackets for 2024-2025, providing direct tax relief to all Oklahoma taxpayers as described in the summary.95% confidence

Sub-Topics Business Taxes Income Tax

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died · Oklahoma · House Feb 14, 2025

HB 2094: Revenue and taxation; Oklahoma Revenue and Taxation Act of 2025; effective date.

HB 2094 creates a $250 tax credit for eligible small businesses in Oklahoma that use western redcedar trees as part of their storefront construction or design. The credit applies to taxable years beginning January 1, 2026, and is available to businesses defined as "small" under Oklahoma law (Title 75, Section 502). The credit cannot reduce a business's income tax liability below zero. This bill directly affects small businesses constructing or redesigning storefronts with western redcedar material, offering a limited tax incentive for this specific building practice.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides $250 tax credit to small businesses for using western redcedar, reducing tax burden and supporting local business investment under Oklahoma tax policy.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives

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in committee · Oklahoma · Senate Feb 13, 2025

SB 305: Income tax; modifying certain income tax rate for certain tax years; modifying certain withholding requirement for certain tax years. Effective date.

SB 305 proposes lowering Oklahoma's top individual income tax rate for tax years beginning in 2024. It reduces the highest marginal rate from 5.50% to 4.75% for single filers on income above $2,300 and for married couples filing jointly on income above $2,400. The bill applies to all Oklahoma residents and nonresidents with taxable income meeting these thresholds in 2024 and subsequent years. The change is contingent on a determination by the State Board of Equalization, as specified in the bill's provisions.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill reduces top individual income tax rate from 5.50% to 4.75% for specified income brackets, providing tax relief as a direct fiscal policy change.95% confidence

Sub-Topics Business Taxes Income Tax

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died · Oklahoma · House Mar 6, 2025

HB 2740: Revenue and taxation; taxations; rates; income tax; exemptions; effective date.

HB 2740 amends Oklahoma's individual income tax structure for tax years beginning January 1, 2026. It reduces the top marginal tax rate from 5.50% to 4.75% for all taxable income above specific thresholds, applying to both single filers and married couples filing jointly. The bill establishes new, lower tax brackets: for example, single filers pay 0.25% on the first $1,000, 0.75% on the next $1,500, and 4.75% on all remaining income. This change affects all Oklahoma residents and nonresidents filing state income tax returns, with no federal tax deduction allowed.

Topics ✓ Budget & TaxesSupports Budget & TaxesReduces top marginal tax rate from 5.50% to 4.75%, providing tax relief for higher-income earners through lower brackets.95% confidence

Sub-Topics Business Taxes Income Tax

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in committee · Oklahoma · Senate Feb 4, 2025

SB 471: Economic Incentives; expanding requirements; defining term. Effective date.

SB 471 requires all new Oklahoma economic incentives for businesses (including tax credits, grants, loans, or payments) to include measurable goals like job creation or investment targets, and limits tax credit programs to a maximum of 10 years. It directly affects businesses receiving state economic incentives by mandating clear outcome tracking and time limits. The bill expands the definition of "incentive" to cover tax credits tied to specific jobs or industries, grants, and state payments. The law takes effect November 1, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesRequires measurable outcomes for tax credits and limits duration, promoting fiscal accountability in state spending and preventing indefinite tax breaks.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives Tags Economic Development

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in committee · Oklahoma · Senate Feb 4, 2025

SB 308: Income tax; modifying certain income tax rate for certain tax years. Effective date.

SB 308 lowers Oklahoma's top individual income tax rate for tax years beginning in 2024. It reduces the top marginal rate from 5.50% to 4.75% for both single filers and married couples filing jointly (with some brackets adjusted). This change directly affects most Oklahoma residents and nonresidents who pay state income tax under these filing statuses. The bill updates the tax code to reflect this rate reduction, effective for 2024 tax returns and beyond.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill explicitly reduces top individual income tax rate from 5.50% to 4.75%, providing direct tax relief per 'support' indicators.95% confidence

Sub-Topics Business Taxes Income Tax

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in committee · Oklahoma · House Feb 4, 2025

HB 1208: Revenue and taxation; income tax; rate; effective date.

HB 1208 lowers Oklahoma's top individual income tax rates for tax years beginning in 2024 and 2025. It reduces the highest marginal rate from 5.5% to 4.75% for both single filers and married couples filing jointly, applying to income above specified thresholds (e.g., $10,500 for single filers and $22,650 for joint filers). The bill also establishes new lower tax brackets for 2024-2025, such as 0.25% on the first $1,000 of income for single filers. It eliminates the deduction for federal income taxes when calculating Oklahoma taxable income. This bill directly affects all Oklahoma residents and nonresidents filing individual income tax returns for 2024-2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill reduces top income tax rates and establishes lower brackets, providing tax relief for lower/middle income earners.95% confidence

Sub-Topics Business Taxes Income Tax

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