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.
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 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.
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.
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 1760 creates tax credits for Oklahoma taxpayers who contribute to eligible scholarship-granting or educational improvement organizations. It allows a 50% tax credit (up to $1,000 for individuals, $2,000 for married couples, $100,000 for businesses) on contributions, increasing to 75% for those making a multi-year commitment with written proof. The bill also modifies how credits are allocated to business owners and requires annual financial reporting from participating organizations. These credits are subject to annual caps established by the Oklahoma Tax Commission.
