Budget & Taxes

died · Oklahoma · House Feb 7, 2025

HB 1477: Revenue and taxation; income tax credit; qualified property; refundable tax credit; effective date.

HB 1477 creates a $2,000 refundable income tax credit for Oklahoma homeowners who own a qualifying single-family home (under 1,501 sq ft, built at least 50 years ago in an established neighborhood) for 4-8 years. To qualify, homeowners must have held the homestead exemption for the previous three tax years. The credit is fully refundable, meaning eligible taxpayers receive the full $2,000 as a cash refund directly from the state, even if they owe no income tax. This policy directly affects qualifying homeowners in established older neighborhoods, providing a direct financial benefit tied to long-term property ownership. The credit applies to tax years beginning January 1, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates $2,000 refundable tax credit for qualifying homeowners, providing direct tax relief to middle-income residents through cash refunds.95% confidence

Sub-Topics Income Tax Property Tax Tax Credits

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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 · House Feb 4, 2025

HB 2839: Revenue and taxation; County Road and Bridge Funding Incentive Act of 2025; income tax credit; donations; counties; carryover; effective date.

HB 2839, the "County Road and Bridge Funding Incentive Act of 2025," provides Oklahoma individual taxpayers with income tax credits for donating to county road and bridge funds. The credit percentage varies by county population: 100% for counties under 25,000 residents, 75% for 25,000-50,000, 50% for 50,000-75,000, and 25% for 75,000-100,000 residents. Credits can be carried over for up to five years but are capped at $25 million annually, with adjustments based on prior-year usage. Donations must fund repairs to existing roads/bridges (not new equipment) and are limited to individual donors, not businesses or other entities.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides income tax credits for road/bridge donations, reducing taxpayer burden while directing funds toward infrastructure maintenance, aligning with tax relief and public service funding indicators.92% confidence ✓ TransportationSupports TransportationProvides tax credits for donations to county road/bridge funds, directly funding transportation infrastructure maintenance and improvement.95% confidence

Sub-Topics Income Tax Tax Credits Tax Incentives Bridges Roads & Highways Transportation Funding

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in committee · Oklahoma · Senate Feb 4, 2025

SB 204: Income tax; providing credit for marriage. Effective date.

SB 204 provides Oklahoma income tax credits for married individuals based on the length of their marriage, directly affecting taxpayers filing jointly or separately. The credit amounts range from $500 (for 1-5 years married) to $2,000 (for 16+ years married) for joint filers, with half that amount for separate filers. To claim the credit, taxpayers must submit a form with marriage license details and attest under penalty of perjury that their marriage was continuous through the tax year. The credit cannot reduce tax liability below zero, is nontransferable, and any unused portion can be carried forward for up to five years. The bill takes effect November 1, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides marriage-based income tax credits ($500-$2,000), directly reducing taxable income for married taxpayers, aligning with tax relief indicators for budget & taxes.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · Oklahoma · House Feb 4, 2025

HB 1733: Sales tax apportionment; modifying apportionment limit for the Oklahoma Tourism Promotion Revolving Fund; effective date; emergency.

HB 1733 modifies how Oklahoma allocates 0.87% of sales tax revenue (for fiscal years 2022-2025) to three tourism-related funds: the Oklahoma Tourism Promotion Revolving Fund (capped at $5 million annually), the Oklahoma Tourism Capital Improvement Revolving Fund (capped at $9 million), and the Oklahoma Route 66 Commission Revolving Fund (capped at $6.6 million). For fiscal years 2026 and beyond, it increases the allocation to 1% of sales tax revenue, with $6.6 million going directly to Route 66, and remaining funds split 36% to Tourism Promotion and 64% to Tourism Capital Improvement. The bill directly affects these state tourism funds, which support marketing, infrastructure, and historic preservation projects. It does not change overall tax rates but adjusts the distribution of existing sales tax revenue to these specific programs.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases sales tax allocation from 0.87% to 1% for tourism funds, boosting annual funding to $6.6M+ for specific tourism programs.95% confidence ✓ TransportationSupports TransportationBill allocates $6.6M annually to Oklahoma Route 66 Commission Revolving Fund (transportation infrastructure) and increases funding for tourism-related transportation projects.92% confidence

Sub-Topics Revenue Sales Tax

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vetoed · Oklahoma · House May 30, 2025

HB 2753: Rural Jobs Act; cap on capital investment tax credits; participation; eligibility.

HB 2753 expands Oklahoma's Rural Jobs Act by adding a new $200 million annual pool of state tax credits for rural investments, effective July 1, 2025, beyond the existing $15 million annual cap. The bill requires that at least 10% of each investment must come from local sources like employees or affiliates, and sets a 90-day deadline for rural funds to secure capital after certification. It also establishes a 15-business-day timeline for the Department to determine if a business qualifies for investment, with automatic eligibility if no decision is made by day 20. This expansion aims to increase funding for rural economic development projects by making more tax credits available to eligible businesses and rural investment funds.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands state tax credits with $200M annual funding for rural investments, directly increasing fiscal support for economic development through tax incentives.95% confidence

Tags Rural Communities

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in committee · Oklahoma · House Feb 4, 2025

HB 2840: Revenue and taxation; income tax credit; National Guard; home station; effective date.

HB 2840 creates a $1,500 annual income tax credit for Oklahoma National Guard members who live more than 50 miles from their assigned home station. The credit applies to taxable years beginning January 1, 2026, and cannot reduce tax liability below zero. Unused portions of the credit may be carried forward for up to five subsequent years. The bill takes effect November 1, 2025, directly benefiting eligible National Guard members by reducing their state income tax burden.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit reducing state income tax for National Guard members, aligning with tax relief indicators for targeted groups.95% confidence ✓ VeteransSupports VeteransBill provides $1,500 annual tax credit for National Guard members (a military group central to veterans' support), reducing their tax burden and directly advancing financial benefits for service members.85% confidence

Sub-Topics Income Tax Tax Credits National Guard & Reserve

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in committee · Oklahoma · Senate Feb 13, 2025

SB 196: Oklahoma Water Resources Board; making an appropriation. Emergency.

SB 196 appropriates $1.2 million from the state's General Revenue Fund to the Oklahoma Water Resources Board for infrastructure grants to rural water districts. The funds are intended to support water infrastructure projects in rural communities across Oklahoma. The bill declares an emergency to allow it to take effect immediately upon approval. This is a funding measure focused on direct financial support for rural water systems, with no other policy changes or provisions.

Topics ✓ Budget & TaxesSupports Budget & TaxesAppropriates $1.2M from General Revenue Fund for rural water infrastructure grants, funding essential public services per bill summary.90% confidence

Sub-Topics Appropriations Revenue

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in committee · Oklahoma · Senate Feb 4, 2025

SB 104: Income tax; providing credit for certain child care expenses and child care workers. Effective date.

SB 104 creates two new Oklahoma income tax credits to support child care. Employers can claim a 30% credit (up to $30,000 annually) for expenses covering employee child care at licensed facilities or for providing on-site care, while qualified child care workers (meeting specific employment, training, and education requirements) receive a $1,000 refundable credit. The employer credit is capped annually at $5 million for the state and can be carried forward if unused, with adjustments to prevent exceeding the limit. These credits apply to tax years 2026-2030, with the bill effective November 1, 2025. The bill directly affects employers providing child care benefits and licensed child care workers in Oklahoma.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates refundable tax credits for employers and child care workers, providing tax relief while supporting child care services through fiscal policy.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentProvides $1,000 refundable credit to child care workers, directly supporting their income and job stability within the labor sector.85% confidence

Sub-Topics Income Tax Tax Credits

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