Budget & Taxes (Tax Credits)

in committee · Oklahoma · Senate Feb 4, 2025

SB 71: Income tax; providing credit for certain renters. Effective date.

SB 71 creates an income tax credit for Oklahoma renters, directly affecting individuals who pay rent for their primary residence. It allows a credit of up to $110 for 2026 (adjusted annually for inflation based on the Consumer Price Index), which becomes refundable if it exceeds the taxpayer's income tax liability. The Oklahoma Tax Commission must provide a form requiring renters to submit their address, landlord name, monthly rent, and annual rent total to claim the credit. The bill takes effect November 1, 2025, and applies to tax years beginning in 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides refundable income tax credit ($110 max) for renters, offering direct tax relief to lower-income individuals through annual inflation-adjusted credit.95% confidence ✓ HousingSupports HousingCreates refundable tax credit for renters, directly reducing housing costs for low-income residents and advancing affordable housing access.95% confidence

Sub-Topics Income Tax Tax Credits Affordable Housing Renters Tenant Rights

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in committee · Oklahoma · House Feb 4, 2025

HB 1425: Revenue and taxation; Rural Firefighter Tax Credit Act of 2025; effective date.

This bill creates a new tax credit for eligible rural firefighters in Oklahoma, effective November 1, 2025. It directly affects firefighters employed by qualifying rural fire departments who meet specific service criteria. The legislation establishes a tax credit program without altering existing tax code sections, providing a financial incentive for rural fire service personnel. The credit is structured as a noncodified provision under the "Rural Firefighter Tax Credit Act of 2025."

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit for rural firefighters, providing direct tax relief without altering existing tax code, aligns with tax relief indicators for public service personnel.95% confidence

Sub-Topics Tax Credits

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in committee · Oklahoma · Senate Feb 4, 2025

SB 52: Income tax; modifying calculation of the Oklahoma earned income tax credit. Effective date.

SB 52 changes Oklahoma's Earned Income Tax Credit (EITC) to be 5% of the federal EITC amount for tax years starting in 2022. It clarifies that the state credit calculation uses the same federal rules as the federal EITC (except for the fixed 5% rate) and ensures any excess credit beyond state tax liability is refunded. The bill also limits the maximum credit to the portion of the federal credit corresponding to the taxpayer's Oklahoma income relative to their federal income. This affects Oklahoma residents who qualify for the federal EITC and claim the state credit, potentially altering their refund amounts.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill reduces Oklahoma EITC to 5% of federal credit, weakening tax relief for low-income earners compared to potential higher state rates.90% confidence

Sub-Topics Income Tax Tax Credits

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in committee · Oklahoma · House Feb 4, 2025

HB 1742: Schools; Oklahoma Parental Choice Tax Credit Act; website requirements; effective date.

HB 1742 creates a tax credit program allowing Oklahoma taxpayers to claim credits for qualified education expenses paid for eligible students. The credit amount varies by household income (ranging from $5,000 to $7,500 annually) and covers tuition at accredited private schools, tutoring, textbooks, and standardized test fees. Eligible students include those attending accredited private schools or receiving education through approved alternative methods. Parents must submit receipts to the Oklahoma Tax Commission to claim the credit, which can be refunded if it exceeds their tax liability. This bill directly affects Oklahoma parents/guardians paying for qualifying education costs for their children.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit program for education expenses, providing tax relief to qualifying households per income tiers, aligning with tax relief indicators for middle/lower income.95% confidence ✓ EducationSupports EducationCreates tax credits for private school tuition, tutoring, and educational expenses, expanding parental choice and access to education funding through direct financial support.95% confidence

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

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passed · Oklahoma · Senate Apr 10, 2025

SB 291: Income tax credit; providing certain tax credit. Effective date.

SB 291 creates a refundable income tax credit for Oklahoma residents based on revenue growth from oil, natural gas, and corporate income taxes. If the State Board of Equalization certifies that revenue growth exceeds 10% in a year, the Oklahoma Tax Commission calculates a credit amount using a formula based on the number of individual and married-filing-jointly tax returns from the prior year. The credit is doubled for married couples filing jointly, and the Commission must publish the calculated amount within 45 days of certification. The credit applies to tax years starting in 2026, with a November 1, 2025 effective date.

Topics ✓ Budget & TaxesSupports Budget & TaxesRefundable tax credit directly provides tax relief to residents, aligning with support indicators for tax relief measures in Budget & Taxes.85% confidence ✓ EnergySupports EnergyBill creates tax credit tied to oil/natural gas revenue growth, directly supporting fossil fuel energy production within energy policy.90% confidence

Sub-Topics Business Taxes Income Tax Tax Credits Oil & Gas

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died · Oklahoma · House Feb 6, 2025

HB 2755: Revenue and taxation; tax credits; biomedical and cancer research; effective date.

HB 2755 modifies Oklahoma's tax credit system for donations to biomedical and cancer research institutes. It sets annual spending limits: $1.5 million for biomedical research donations and $500,000 for cancer research donations starting in 2026 (down from a combined $2 million limit before). The bill defines qualifying organizations by requiring significant federal research funding ($20 million annually for biomedical institutes, $4 million for cancer institutes) and caps individual credits based on filing status (e.g., up to $25,000 for business donors). Taxpayers can carry unused credits forward for up to four years, and the credit cannot exceed their annual tax liability. The changes take effect November 1, 2025.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill sets annual spending limits on tax credits for research, restricting available tax relief by capping donations and requiring stricter qualifying criteria.85% confidence ✓ HealthcareSupports HealthcareBill modifies tax credits for biomedical/cancer research donations, incentivizing private funding to advance healthcare innovation and research programs.85% confidence

Sub-Topics Tax Credits

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in committee · Oklahoma · Senate Feb 4, 2025

SB 288: Income tax; providing credit for certain Oklahoma National Guard members that purchase a home. Effective date.

SB 288 creates a state income tax credit for Oklahoma National Guard members who buy a home in Oklahoma. It allows eligible members to claim a credit equal to their down payment and closing costs, up to $4,000, for tax years 2026 and later. The credit is refundable (meaning it can be paid even if the member owes no state tax) and limited to one claim per person. To claim the credit, members must submit proof of purchase costs using a form provided by the Oklahoma Tax Commission. This policy directly affects Oklahoma National Guard members purchasing residential property within the state.

Topics ✓ Budget & TaxesSupports Budget & TaxesSB 288 creates a refundable income tax credit ($4,000 max) for National Guard homebuyers, providing direct tax relief and reducing state tax revenue, aligning with tax relief indicators for middle-income groups.95% confidence ✓ HousingSupports HousingTax credit reduces homebuying costs for National Guard members, supporting housing access through financial incentives for home purchases.85% confidence ✓ VeteransSupports VeteransCreates tax credit for National Guard home purchases, expanding financial benefits for veterans (National Guard members are veterans eligible for state benefits).90% confidence

Sub-Topics Income Tax Procurement Tax Credits Homeownership National Guard & Reserve

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died · Oklahoma · Senate Mar 3, 2025

SB 239: Income tax; limiting credit allowance for zero-emission facilities to certain tax years; limiting carry forward of credit. Effective date.

SB 239 modifies Oklahoma's tax credit for electricity generated by zero-emission facilities (like wind, solar, hydro, or geothermal power plants). It limits the credit to tax years ending by 2025, ending the ability to carry forward unused credits beyond that year. For credits claimed after July 2019, taxpayers must choose between receiving an 85% direct refund or carrying the credit forward for up to 10 years (ending in 2025). This bill directly affects businesses and entities generating eligible renewable electricity in Oklahoma, altering how they can use or access these tax credits.

Topics ✗ Budget & TaxesOpposes Budget & TaxesLimits tax credit carry-forward beyond 2025, restricting tax benefits for businesses generating zero-emission energy.90% confidence ✗ EnergyOpposes EnergyBill limits tax credit carry-forward for zero-emission facilities beyond 2025, restricting long-term incentives for renewable energy projects.92% confidence ✗ EnvironmentOpposes EnvironmentLimits tax credit duration for clean energy facilities, ending carry-forwards after 2025, weakening long-term incentives for zero-emission power generation.95% confidence

Sub-Topics Income Tax Tax Credits Solar

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signed · Oklahoma · House May 13, 2026

HB 2894: Oklahoma Rural Jobs Act; cap on capital investment tax credits; authorizing and limiting additional participation in program under certain conditions.

HB 2894 amends Oklahoma's Tourism Development Act to adjust sales tax credit rules for tourism projects. It provides up to 10% tax credits for projects costing $500,000-$1 million and up to 25% for projects over $1 million, but credits cannot exceed the state's potential sales tax revenue from the project. The bill allows tourism developers in Entertainment Districts to pass credits to tenants or receive incentive payments based on tenant sales tax collections, subject to a $30 million annual cap on all inducements. Developers must verify expenditures with independent audits, and credits cannot be transferred except as specified for Entertainment District tenants.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credits with revenue cap to ensure fiscal responsibility, promoting tourism development without reducing state tax revenue.85% confidence

Sub-Topics Sales Tax Tax Credits Tax Incentives

in committee · Oklahoma · Senate Feb 4, 2025

SB 285: Income tax; providing tax credit for contributions to certain higher education institution foundations. Effective date.

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit reducing taxpayer liability for education donations, aligning with tax relief indicators for public service funding.95% confidence ✓ EducationSupports EducationCreates tax credit for higher ed foundation donations, incentivizing private funding to boost resources for Oklahoma's higher education institutions.90% confidence

Sub-Topics Income Tax Tax Credits

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