Budget & Taxes (Income Tax)

in committee · Oklahoma · Senate Feb 6, 2025

SB 293: Income tax; modifying certain income tax rate for certain tax years. Effective date.

SB 293 modifies Oklahoma's individual income tax rates for tax years beginning in 2024. It directly affects all Oklahoma residents and nonresidents who file individual income tax returns. The bill establishes new tax brackets with lower rates, reducing the top marginal rate to 4.75% for single filers and 4.75% for married couples filing jointly (down from previous rates like 5.50% or 6.75%). The change applies to all taxable income above specified thresholds, streamlining the tax computation for 2024 and subsequent years.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill reduces top income tax rate, lowering government revenue, thus weakening fiscal management and budget stability.95% confidence

Sub-Topics Business Taxes Income Tax

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vetoed · Oklahoma · House May 29, 2025

HB 2374: Revenue and taxation; Filmed in Oklahoma Act of 2021; procedures for withholding tax; income tax treatment; set aside amount for economic impact reviews; effective date; emergency.

HB 2374 creates a film production rebate program in Oklahoma for productions meeting specific filming requirements. It provides rebates to eligible film and television productions that film at least 75% of a season or pilot within the state, based on qualifying local spending like wages for Oklahoma residents or crew. The program, administered by the Oklahoma Department of Commerce and Tax Commission, requires applicants to verify payments to local crew, vendors, and tax compliance. Productions must submit annual reports detailing rebate payments to legislative committees. The bill directly affects film studios, production companies, and local crew members who qualify under its spending and filming criteria.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax rebates for film productions, providing tax relief to incentivize local economic activity and qualifying spending, directly impacting tax policy and budget allocation.90% confidence

Sub-Topics Income Tax

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in committee · Oklahoma · Senate Feb 4, 2025

SB 43: Income tax; exempting wagering losses from itemized deduction limit for certain tax years. Effective date.

SB 43 removes a limitation on deducting gambling losses for Oklahoma taxpayers who itemize deductions. It amends Section 2358 of Oklahoma's tax code to eliminate the previous cap on deducting wagering losses, directly affecting individual taxpayers with significant gambling losses who file itemized returns. The bill updates statutory language to allow full deduction of these losses without the prior restriction for certain tax years. This change aligns Oklahoma's tax treatment of wagering losses more closely with federal tax rules.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill removes deduction cap on gambling losses, reducing state tax revenue and weakening fiscal management through expanded tax breaks.95% confidence

Sub-Topics Income Tax

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in committee · Oklahoma · Senate Feb 4, 2025

SB 312: Income tax; modifying amount of personal exemption for certain tax years; modifying amount of standard deduction for certain taxpayers for certain tax years. Effective date.

SB 312 modifies Oklahoma's income tax structure by adjusting the personal exemption amount and standard deduction for specific taxpayers during certain tax years. It directly affects eligible individuals, including women claiming a certain number of dependents and taxpayers meeting age requirements, by providing additional tax relief through these adjusted exemptions. The bill updates existing tax code provisions to align with current tax year requirements without changing tax rates or creating new tax brackets. These changes aim to reduce the taxable income burden for qualifying residents during the specified tax years.

Topics ✓ Budget & TaxesSupports Budget & TaxesModifies personal exemptions/deductions to provide tax relief for targeted taxpayers (e.g., women with dependents, seniors), directly aligning with tax relief indicators for middle/lower income groups.90% confidence

Sub-Topics Income Tax

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in committee · Oklahoma · Senate Feb 9, 2026

SB 1392: Income tax credit; modifying credit amount for qualified employee in aerospace sector. Effective date.

SB 1392 modifies Oklahoma's income tax credit for qualified employees in the aerospace sector. It increases the annual credit from $5,000 (for tax years 2009-2026) to $10,000 (for tax years 2027-2031), allowing a maximum of $10,000 per year for up to five total years. Unused credits can be carried forward to future tax years, but the credit cannot reduce taxes below zero. The bill would take effect November 1, 2026, if passed.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases aerospace sector tax credit from $5k to $10k annually, providing targeted tax relief and strengthening sector-specific tax incentives.90% confidence ✓ Labor & EmploymentSupports Labor & EmploymentIncreases tax credit for aerospace employees, expanding financial benefits and effectively raising disposable income for workers in a specific sector.85% confidence

Sub-Topics Income Tax Tax Credits

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died · Oklahoma · House Feb 10, 2025

HB 1395: Schools; Oklahoma Parental Choice Tax Credit Act; website requirements; effective date.

HB 1395 creates a tax credit program for Oklahoma parents or guardians paying eligible education costs for students. It allows taxpayers to claim credits of up to $7,500 annually (based on family income) for private school tuition, academic tutoring, textbooks, and standardized test fees for students attending accredited private schools or alternative education programs. The credit amount decreases as household income rises, with special provisions for schools serving homeless students or financially disadvantaged students (requiring 90% of enrollment to qualify based on income thresholds). This bill directly affects Oklahoma families choosing private education or alternative learning options, reducing their state income tax liability for qualifying education expenses.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax relief via credits for education expenses, decreasing tax burden for lower/middle income families per bill's income-based credit structure.90% confidence ✓ EducationSupports EducationProvides tax credits for private school expenses, expanding parental educational choice and access for K-12 students.95% confidence

Sub-Topics Income Tax Tax Credits Higher Education School Choice Testing & Assessment

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in committee · Oklahoma · Senate Feb 26, 2025

SB 1: Taxation; directing State Board of Equalization to make certain certification; reduction of income tax rate upon certain certification. Emergency.

SB 1 requires Oklahoma's State Board of Equalization to certify five-year revenue averages for oil, natural gas, and corporate income taxes. If annual tax collections exceed these averages by $400 million or more, it automatically reduces individual and corporate income tax rates. This directly affects all Oklahoma taxpayers by linking potential tax cuts to specific revenue growth thresholds. The $400 million trigger adjusts for inflation every decade starting in 2035.

Topics ✓ Budget & TaxesSupports Budget & TaxesAutomatically reduces income tax rates when revenue exceeds $400M threshold, providing tax relief per bill's explicit mechanism.95% confidence

Sub-Topics Business Taxes Income Tax Revenue

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in committee · Oklahoma · Senate Feb 3, 2026

SB 1402: Income tax; creating the Health Care Sharing Ministries Tax Parity Act; providing deduction for certain expenditures. Effective date.

SB 1402, the "Health Care Sharing Ministries Tax Parity Act," creates tax benefits for Oklahoma residents who participate in qualifying health care sharing ministries (HCSMs). It allows eligible residents to deduct qualified health care sharing expenses (including membership fees and administrative costs) from their Oklahoma adjusted gross income for tax years 2027 and later. Additionally, it exempts from taxable income any "qualified health care share" received by individuals through an HCSM for medical expenses. The bill defines HCSMs as not-for-profit, faith-based organizations that operate without insurance-like guarantees, and requires claims to be filed using forms prescribed by the Oklahoma Tax Commission.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax deduction for health sharing expenses, providing direct tax relief to eligible residents through adjusted gross income reduction.95% confidence ✓ HealthcareSupports HealthcareBill creates tax deductions for HCSM expenses, expanding alternative healthcare coverage options and reducing costs for residents through tax parity.95% confidence

Sub-Topics Income Tax

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in committee · Oklahoma · Senate Feb 5, 2025

SB 581: Gold and silver; authorizing employees to request payment in gold and silver; directing creation of Oklahoma Bullion Depository; exempting sale of gold and silver from income tax. Effective date.

SB 581 allows Oklahoma state employees, private businesses, and residents to negotiate and receive payments in gold or silver bullion instead of cash, with compensation valued at current global market rates. It requires payments in gold/silver to be deposited into the newly created Oklahoma Bullion Depository or partner banks, and mandates the State Treasurer to establish this depository with fee structures (capping fees at 2% for residents). The bill also exempts gains from selling gold or silver from state income tax, aligning with tax law amendments. This directly affects state workers choosing payment methods, businesses offering gold/silver transactions, and individuals selling precious metals.

Topics ✗ Budget & TaxesOpposes Budget & TaxesExempts gold/silver sales from income tax, reducing state tax revenue and weakening fiscal management per bill's tax exemption provision.90% confidence

Sub-Topics Income Tax

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in committee · Oklahoma · House Feb 4, 2025

HB 1473: Revenue and taxation; Health Care Sharing Ministry Tax Parity Act; definitions; income tax deduction; effective date.

HB 1473, the "Health Care Sharing Ministry Tax Parity Act," allows Oklahoma residents who are active members of qualifying health care sharing ministries (HCSMs) to deduct their membership contributions from their state income taxes starting in 2026. It treats these deductions similarly to health insurance premiums, applying to self-employed individuals, employer contributions (as nontaxable benefits), and individuals covering themselves or dependents. To claim the deduction, members must provide documentation of contributions and membership, and false claims could result in $500 penalties per offense and three years of ineligibility. Funds received from HCSMs for medical expenses will not be considered taxable income under Oklahoma law.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllows tax deduction for health care sharing ministry memberships, providing tax relief similar to health insurance premiums, directly impacting state taxation policy.95% confidence ✓ HealthcareSupports HealthcareAllows tax deductions for health care sharing ministry memberships, treating them like insurance premiums to expand coverage alternatives and improve access to health coverage options.85% confidence

Sub-Topics Income Tax Insurance

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