SCR 11 is a concurrent resolution expressing the Oklahoma Legislature's intent to reduce the individual income tax rate by 0.25% for taxpayers. It directly affects all Oklahomans who pay individual income tax, aiming to return revenue to citizens while maintaining fiscal responsibility. The resolution urges state agencies to eliminate budget waste - particularly for unfilled positions - and protect core services like education and public safety during potential spending reductions. It does not enact a tax cut but formally states legislative intent to pursue this policy change during the upcoming session, citing Oklahoma's strong financial position with over $5 billion in reserves.
SB 285 creates a tax credit for Oklahoma taxpayers who contribute to eligible higher education institution foundations. It offers a 50% credit on contributions (up to $1,000 for single individuals, $2,000 for married couples, or $100,000 for businesses) and a 75% credit for those who commit to a second-year contribution. Foundations must submit annual audited financial reports to the Oklahoma Tax Commission and publicly share program outcomes. This policy directly affects Oklahoma taxpayers making qualifying donations and the higher education foundations receiving contributions.
SB 816 creates two tax credits for Oklahoma taxpayers: (1) an employer credit covering 30-50% of costs for child care services, facilities, or on-site construction for employees' children, capped at $30,000 per business annually; and (2) a $1,000 refundable credit for qualified child care workers who meet specific employment and education requirements (e.g., 8+ months at a licensed facility, enrolled in Oklahoma's quality system, 12+ credit hours). The bill directly affects employers offering child care benefits and licensed child care workers in Oklahoma. Key provisions include annual credit limits of $5 million (for employer credits) and $14 million (for all credits) starting in 2028, with unused credits carryable forward for up to five years. The credit for workers is refundable, meaning it can reduce tax liability below zero, while employer credits cannot.
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.
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.
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.
SB 223 allows Oklahoma taxpayers to claim a state income tax credit for stillborn children. Specifically, it authorizes a credit equal to 5% of the federal child tax credit (as defined under the Internal Revenue Code) for each stillbirth resulting in a birth certificate issued under Oklahoma law. This credit must be claimed in the tax year the stillbirth occurs, and it applies only if the child would have been a household member. The Oklahoma Tax Commission may establish rules to implement this provision.
HB 2019 amends Oklahoma's tax code to create two new tax credits for the aerospace industry. It allows Oklahoma aerospace employers to claim a credit equal to 5-10% of wages paid to employees with Oklahoma degrees (up to $12,500 annually), and employees to claim up to $5,000 annually in tax credits for tuition reimbursement (capped at $5,000 total over five years). Both credits apply only to the first five years of employment and cannot reduce tax liability below zero. The bill extends these credits through 2032 (previously 2026) and takes effect November 1, 2025. It directly affects Oklahoma aerospace companies and their employees who meet the education and employment criteria.
HB 2229 increases Oklahoma's earned income tax credit (EITC) from 5% to 10% of the federal credit amount for qualifying residents. It directly affects low-to-moderate income individuals and families who claim the federal EITC, expanding their state tax benefit. The bill makes the credit refundable if it exceeds state tax liability and prorates the maximum credit based on Oklahoma adjusted gross income relative to federal income. Effective January 1, 2026, this change aligns Oklahoma's EITC percentage with the federal credit structure while maintaining the state's refundability provision.
