HB 2402 would create tax breaks and grants to attract manufacturers of low-temperature waste heat electrification technology (recovering heat below 200°C) to Oklahoma. Companies investing $10 million+ with 50+ new jobs would get up to 30% corporate tax breaks for five years (renewable), while larger investments ($20 million+ with 100+ jobs) qualify for 50% breaks. The state would cap annual spending at $8 million, with unused funds rolling over, and prioritize grants for facilities in economic development zones or energy-sector projects. Manufacturers must meet specific technology standards, submit job/investment plans, and report annually on progress to the Oklahoma Department of Commerce.
HB 2195 lowers Oklahoma's top individual income tax rate to 4.75% for taxable years beginning in 2024, replacing previous rates of 5.50% and 5.25%. It affects all Oklahoma residents and nonresidents filing individual income tax returns by reducing tax burdens across multiple income brackets. Key changes include lowering rates on the highest income tiers (e.g., reducing the top rate from 5.50% to 4.75% for single filers above $6,150 and married filers above $11,750). The bill takes effect January 1, 2024, and eliminates deductions for federal income taxes paid.
This bill modifies Oklahoma's economic development tax credit program by adjusting location requirements to prioritize projects in counties with populations under 100,000 (pre-2026) or 400,000 (2026 onward). It increases the credit rate to 50% for rail infrastructure projects (e.g., new tracks, spurs) versus 10% for other construction, with a $6 million maximum credit per project. Businesses building in qualifying rural areas or adjacent to rail lines can claim these credits for eligible construction costs. Unused credits may be assigned to partners like vendors or investors, and unclaimed credits carry over for up to five years. The changes take effect November 1, 2025.
SB 1393, the RESTORE Act, creates a 50% tax credit for developers converting old, vacant commercial buildings (over 50 years old, vacant for 3+ years, and not eligible for historic tax credits) into residential housing. It directly affects property owners or developers who undertake "adaptive reuse" projects, covering extra renovation costs like environmental cleanup, code compliance, and infrastructure upgrades. The credit is capped at $5 million annually (2027-2037), requires 20% of units to be affordable for 10 years, and allows unused credit to carry forward to future tax years. Projects must meet specific affordability and location criteria, with annual reports tracking housing units and economic impact.
SB 290 modifies Oklahoma's individual income tax rates for tax years beginning in 2024 and later. It sets new tax brackets: for single filers, 0.25% on the first $1,000, rising to 4.75% on income over $6,250; for joint filers, 0.25% on the first $2,000, rising to 4.75% on income over $10,650. The bill directly affects all Oklahoma residents and nonresidents who file state income tax returns. These rate changes replace previous brackets and take effect starting with the 2024 tax year.
SB 327 modifies Oklahoma's individual income tax rates for tax years beginning in 2024. It lowers the top marginal tax rate from 5.50% to 4.75% for single filers and married couples filing jointly, while adjusting brackets for lower income levels (e.g., 0.25% on the first $1,000 for singles instead of 0.5%). The bill directly affects Oklahoma residents filing individual income tax returns for 2024 and future years. Key changes include updated tax percentages across all income tiers, with the highest rate applying to income above specific thresholds (e.g., $12,200 for single filers). The bill is currently in committee review and would take effect for the 2024 tax year.
HB 1009 reduces Oklahoma's individual income tax rates for tax years beginning in 2022-2024. It lowers the top marginal rate from 5.50% to 4.75% for single filers (and 5.50% to 5.25% for married couples filing jointly) on income above specific thresholds, with new brackets starting at 0.25% for the first $1,000 of taxable income. The bill directly affects all Oklahoma residents and nonresidents who file individual income tax returns. Key provisions include lowering rates across all income tiers and specifying that reductions apply to tax years ending in 2024. The bill also includes similar rate reductions for corporate income tax.
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.
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.
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.
