SB 923 modifies Oklahoma's Affordable Housing Tax Credit program by increasing the annual credit cap to $15 million for 2026-2030 (from $4 million previously) and requiring new projects placed in service after January 1, 2026, to qualify as "workforce housing" (housing for households earning 60-120% of local median income). It makes the tax credit nonrefundable (cannot reduce tax below zero), ties Oklahoma credits to federal low-income housing credit recapture rules, and mandates eligibility statements from the Oklahoma Housing Finance Agency. The bill directly affects developers of qualifying affordable housing projects who seek to claim these tax credits, effective January 1, 2026.
SB 582 requires Oklahoma state agencies collecting revenue into the General or Special Revenue Funds to provide the Office of Management and Enterprise Services with detailed, itemized forecasts of expected collections for the current year and the next two fiscal years. It also mandates the Oklahoma Tax Commission to submit comprehensive economic reports - analyzing recent performance and forecasting national/state trends - to the Director of Management and Enterprise Services at least two weeks before State Board of Equalization meetings, including assessments of past forecast accuracy. These reports and revenue estimates must be shared simultaneously with key legislative committees. The bill takes effect November 1, 2025, and became law without the Governor's signature on May 7, 2025.
HB 2033 creates a revolving fund called the "Community Health Center Access to Care Revolving Fund" within Oklahoma's State Department of Health. The fund, not limited by fiscal years, will use appropriated monies to increase access to care at federally authorized community health centers (as defined under 42 U.S.C. §330). The Department of Health can spend these funds to support such centers, with expenditures requiring State Treasurer warrants based on approved claims. The bill takes effect July 1, 2025, and was declared an emergency to allow immediate implementation.
HB 1854 amends Oklahoma's sales tax exemption rules to expand relief for certain nonprofits and public entities. It adds a new exemption for admission ticket surcharges used solely to repay debt for college athletic or cultural facilities (e.g., stadiums, theaters), and broadens tax exemptions for purchases made by specific public authorities and agencies on behalf of state projects. The bill also requires vendors to verify that purchases are for qualifying public entities to prevent misuse. This directly affects colleges, public authorities, and vendors selling to these organizations, reducing their sales tax burden on eligible transactions. The bill is currently in committee review and has not yet become law.
SB 326 creates an income tax credit for Oklahoma taxpayers who pay state-mandated fees to obtain or renew occupational licenses (e.g., for professions like nursing, contracting, or cosmetology). The credit covers fees paid to state agencies or approved third parties for licensing, certification, or required continuing education. To claim it, taxpayers must provide documentation to the Oklahoma Tax Commission and not have had their license suspended during the tax year. The credit applies to tax years starting in 2026 and cannot reduce tax liability below zero, with the bill taking effect November 1, 2025.
HB 2192 creates a $5,000 annual income tax credit for certified public accountants (CPAs) employed by the Oklahoma State Treasurer's Office or State Auditor and Inspector's Office starting January 1, 2026. The credit, which can be claimed for up to five total years (not necessarily consecutive), reduces state income tax liability but cannot lower it below zero. Unused credit amounts may be carried forward to subsequent years within the five-year limit. This bill directly affects qualified CPAs working for these two state offices, providing a financial benefit tied to their employment.
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.
HB 2218 creates a state tax rebate program to support local music performances in Oklahoma. It provides rebates on sales tax or drink sales tax collected by venues during eligible events, capped at $10 million annually. To qualify, events must feature Oklahoma-based performers (individuals or businesses owned by Oklahomans) for at least 30 minutes, with venues paying performers at least $100 per event. The rebate limits are $2,000 per event and $50,000 per venue yearly, applying to both ticketed and unticketed venues that sell taxable goods or drinks.
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.
HB 2241 allows Oklahoma taxpayers to claim a 50% tax credit (up to $1,000 annually) for purchasing firearm safety devices like gun safes, lock boxes, or storage cases starting in 2026. The credit applies only to qualifying safety devices - not firearms themselves - and cannot reduce a taxpayer's liability below zero. Unused credit amounts may be carried forward for up to five years. This policy directly affects Oklahoma residents who buy qualifying safety equipment for storing firearms.
