HB 2766 is the Oklahoma state budget bill for fiscal year 2026, allocating over $1.65 billion from the General Revenue Fund to support public schools. It directs specific funding for teacher salaries, textbooks, health benefits for staff, school administration, and the School Consolidation Assistance Fund, drawing from multiple sources including the Education Lottery Trust Fund and Mineral Leasing Fund. The bill was enacted without the Governor's signature on May 29, 2025, and directly affects all Oklahoma public schools and their students through these state-funded resources.
SB 1132 allocates $100,000 from unappropriated general revenue funds to the Oklahoma State Regents for Higher Education for the fiscal year ending June 30, 2026. The funding is intended to support the Regents' existing duties under state law, without creating new programs or services. The bill declares an emergency to allow immediate implementation upon approval, as stated in Section 2. This is a routine budgetary appropriation, not a policy change affecting students, institutions, or other stakeholders directly. The bill does not alter educational standards, tuition, or institutional authority.
SB 292 reduces Oklahoma's top individual income tax rate for tax years beginning January 1, 2024. It lowers the highest marginal rate from 5.50% to 4.75% for single filers and married couples filing jointly (and heads of households) on income above specified thresholds ($2,300 for singles, $2,400 for married couples). This change applies directly to all Oklahoma residents and nonresidents filing individual income tax returns for 2024. The rate reduction is contingent on a determination by the State Board of Equalization, as referenced in the bill's provisions.
HB 2102 creates a 100% state tax credit for married Oklahoma taxpayers who pay for couples counseling services, defined as relationship-focused therapy provided by licensed therapists, doctors, or religious leaders. The credit applies to costs incurred for counseling during taxable years beginning January 1, 2026, and reduces income tax liability but cannot lower it below zero. This policy directly affects legally married individuals in Oklahoma who seek counseling services, offering a financial incentive for such expenses. The credit is limited to the amount of state income tax owed and takes effect on January 1, 2026.
SB 289 modifies Oklahoma's sales tax exemption period for certain museums, directly affecting those institutions by changing how long they can qualify for tax relief on eligible purchases. The bill amends Section 1356 of Oklahoma's tax code to adjust the duration of the exemption, ensuring museums remain exempt from sales tax on qualifying items used for their operations. This change updates the existing exemption framework without altering other established tax exemptions for government entities, schools, or nonprofits listed in the same section. The bill is designated as an emergency measure to expedite implementation.
SB 322 modifies Oklahoma's individual income tax rates for tax years beginning on or after January 1, 2024. It lowers the top marginal tax rate to 4.75% for single filers (from 5.50%) and adjusts corresponding brackets for married filers filing jointly. The bill affects all Oklahoma residents and nonresidents who file individual income tax returns. This change is contingent on a determination by the State Board of Equalization, as specified in the legislation.
HB 2410 increases Oklahoma's annual cap for affordable housing tax credits from $4 million to $10 million per year through December 2029, then reverts to $4 million annually after 2029. It directly affects developers of qualifying affordable housing projects and investors who claim tax credits for these projects. The bill ties Oklahoma's tax credits to federal low-income housing credits, limits credits to projects placed in service after July 2015, and requires eligibility statements from the Oklahoma Housing Finance Agency to claim credits. Credits cannot reduce tax liability below zero and must be claimed with tax returns, with unused credits carryable forward for two years.
HB 1332 creates a new income tax credit for Oklahoma-licensed emergency medical services (EMS) personnel. It provides tiered credits based on certification level: $100 for emergency medical responders (EMRs), $200 for emergency medical technicians (EMTs), $400 for advanced/intermediate EMTs (AEMTs), and $600 for paramedics. To qualify, workers must maintain active Oklahoma licensure and be verified as current employees by their ambulance service administrator through a new online system managed by the State Department of Health. The credit applies to tax years beginning January 1, 2025, and can be combined with other tax credits. This bill directly affects licensed EMS workers employed in Oklahoma ambulance services.
SB 307 creates the Oklahoma Teachers Legacy Fund in the state treasury, funded by surplus General Revenue Fund monies from 2023 ($563.7 million) and 2024 ($759.4 million). The fund invests principal following state retirement fund guidelines, with income accruing to the fund. When the fund's value grows by $100 million or more above its prior year balance, the excess automatically transfers to boost teacher salaries starting January 1 each year. The fund must maintain sufficient liquidity to enable these transfers, with the bill taking effect July 1, 2025.
