Budget & Taxes (Income Tax)

in committee · Oklahoma · Senate Feb 4, 2025

SB 327: Income tax; modifying marginal income tax brackets for certain tax years. Effective date.

SB 327 modifies Oklahoma's individual income tax rates for tax years beginning in 2024. It lowers the top marginal tax rate from 5.50% to 4.75% for single filers and married couples filing jointly, while adjusting brackets for lower income levels (e.g., 0.25% on the first $1,000 for singles instead of 0.5%). The bill directly affects Oklahoma residents filing individual income tax returns for 2024 and future years. Key changes include updated tax percentages across all income tiers, with the highest rate applying to income above specific thresholds (e.g., $12,200 for single filers). The bill is currently in committee review and would take effect for the 2024 tax year.

Topics ✓ Budget & TaxesSupports Budget & TaxesLowers top marginal tax rate (5.50%→4.75%) and reduces lower brackets (e.g., 0.5%→0.25% on first $1k), providing tax relief per Budget & Taxes indicators.95% confidence

Sub-Topics Business Taxes Income Tax

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in committee · Oklahoma · Senate Feb 23, 2026

SB 102: Income tax; excluding certain compensation to certain nonresidents; prohibiting requirement of employers to withhold taxes from certain compensation. Effective date.

SB 102 modifies Oklahoma's income tax code to exclude certain income from nonresident workers who spend limited time in the state. Specifically, it excludes compensation for nonresidents working in Oklahoma for less than 30 days per year if their total earnings from that work are $20,000 or less, effective for tax years starting in 2026. This applies directly to temporary workers, contractors, or short-term business visitors with minimal Oklahoma presence. The change simplifies tax calculations for these individuals by removing their limited-service income from Oklahoma taxable income.

Topics ✓ Budget & TaxesSupports Budget & TaxesExcludes income from nonresident workers under $20k, providing tax relief for temporary workers and simplifying tax calculations per bill summary.85% confidence

Sub-Topics Income Tax

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in committee · Oklahoma · House Feb 4, 2025

HB 1009: Revenue and taxation; income tax; rates; effective date.

HB 1009 reduces Oklahoma's individual income tax rates for tax years beginning in 2022-2024. It lowers the top marginal rate from 5.50% to 4.75% for single filers (and 5.50% to 5.25% for married couples filing jointly) on income above specific thresholds, with new brackets starting at 0.25% for the first $1,000 of taxable income. The bill directly affects all Oklahoma residents and nonresidents who file individual income tax returns. Key provisions include lowering rates across all income tiers and specifying that reductions apply to tax years ending in 2024. The bill also includes similar rate reductions for corporate income tax.

Topics ✓ Budget & TaxesSupports Budget & TaxesReduces income tax rates across all tiers, providing tax relief per budget & taxes topic.90% confidence

Sub-Topics Business Taxes Income Tax

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in committee · Oklahoma · House Feb 4, 2025

HB 1536: Revenue and taxation; creating the Oklahoma Gun Safety Incentive Act; income tax credit; Oklahoma Tax Commission; Oklahoma Department of Public Safety; initiative; effective date.

HB 1536 creates the "Oklahoma Gun Safety Incentive Act," providing an income tax credit for Oklahoma residents who purchase qualifying gun safety equipment. It allows a 25% tax credit (up to $200 annually) for gun safes, trigger locks, or smart gun technology meeting safety standards, with proof of purchase required. The credit is funded from the general fund, capped at $1 million yearly, and requires the Oklahoma Tax Commission to create an online application portal. The bill also mandates reports on credit usage and firearm safety impacts, and launches a public campaign ("Lock & Protect, Oklahoma!") to promote safe storage. It affects individual gun owners, not law enforcement or military purchases, and takes effect January 1, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates income tax credit (25% up to $200) for gun safety equipment, providing direct tax relief to residents funded from general fund within $1M annual cap.90% confidence

Sub-Topics Income Tax State Budget Tax Credits

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in committee · Oklahoma · Senate Feb 4, 2025

SB 286: Income tax; providing credit for certain pro bono counsel. Effective date.

SB 286 creates a refundable income tax credit for Oklahoma attorneys who provide free legal services to adoptive parents. Specifically, attorneys can claim a 50% credit against their state income tax for court-approved fees paid for adoption-related legal work that results in a final adoption decree. If the credit exceeds the taxpayer’s income tax liability, the excess amount is refunded. The credit applies to tax years starting in 2026 and requires the Oklahoma Tax Commission to establish verification rules.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates refundable income tax credit (50% of fees) for attorneys aiding adoptive parents, reducing state tax revenue as tax relief. Directly impacts tax policy per topic definition.85% confidence

Sub-Topics Income Tax Tax Credits

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in committee · Oklahoma · Senate Feb 4, 2025

SB 51: Income tax credit; providing credit for the purchase of an e-bike. Effective date.

SB 51 provides a $200 one-time income tax credit for Oklahoma taxpayers who purchase a qualifying e-bike for use on streets and roads. The credit applies to tax years starting in 2026 and is refundable if it exceeds the taxpayer's income tax liability. It defines "e-bike" as a two- or three-wheeled electric vehicle capable of exceeding 15 mph (excluding standing electric scooters). The bill takes effect November 1, 2025, directly benefiting residents who buy eligible e-bikes.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides refundable $200 income tax credit for e-bike purchases, reducing tax liability for eligible taxpayers and aligning with tax relief indicators.95% confidence ✓ EnergySupports EnergyPromotes electric transportation, reducing fossil fuel dependence and supporting energy efficiency through e-bike tax credit85% confidence ✓ EnvironmentSupports EnvironmentPromotes clean transportation via e-bike tax credit, reducing vehicle emissions and supporting climate goals through incentivized adoption of low-emission vehicles.95% confidence ✓ TransportationSupports TransportationPromotes sustainable transportation by incentivizing e-bike purchases via tax credit, aligning with sustainable transport indicators in the topic description.90% confidence

Sub-Topics Income Tax Tax Credits Electric Vehicles Electric Vehicles

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in committee · Oklahoma · House Feb 4, 2025

HB 1602: Revenue and taxation; income tax credits; qualified employees; qualified employers effective date.

HB 1602 creates tax credits for Oklahoma vehicle manufacturing companies that hire engineers with ABET-accredited degrees. Employers can claim a 50% credit on tuition reimbursement (capped at $5,000 annually) and 5-10% on salaries (capped at $12,500 annually) for the first 4-5 years of employment. Total credits are limited to $3 million annually for employer credits and $2 million for employee credits. The program expires after 2031.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill creates targeted tax credits for employers, reducing state revenue and weakening fiscal management per 'oppose' indicators (limits tax income via corporate incentives).90% confidence

Sub-Topics Income Tax Tax Incentives

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passed · Oklahoma · Senate Apr 17, 2025

SB 304: Income tax; limiting certain personal exemption to certain tax years; modifying amount of standard deduction for certain tax years. Effective date.

SB 304 modifies Oklahoma's individual income tax structure for the 2024 tax year. It establishes new tax brackets with lower rates (0.25% to 4.75% for single filers, 0.25% to 4.75% for married couples filing jointly) compared to prior years, replacing older rates. The bill also limits certain personal exemptions to specific tax years and adjusts standard deduction amounts. These changes directly affect all Oklahoma residents filing individual income tax returns for 2024. The bill updates statutory references and language but does not create new taxes.

Topics ✓ Budget & TaxesSupports Budget & TaxesLowers 2024 income tax brackets (0.25%-4.75%) compared to prior years, providing tax relief to Oklahoma residents filing individual returns.95% confidence

Sub-Topics Business Taxes Income Tax

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in committee · Oklahoma · Senate Feb 3, 2026

SB 1388: Income tax credit; providing refundable child tax credit; making child care credit refundable. Effective date.

SB 1388 creates a refundable child tax credit for Oklahoma families with children under 19. It provides $500 per child for taxpayers with adjusted gross income of $70,000 or less, phasing out by $0.15 for every $10 of income above that threshold, and eliminating eligibility above $100,000. The credit applies to tax years beginning in 2027 and is refundable, meaning eligible taxpayers receive a cash payment even if they owe no state income tax. Married filers must include spousal income to determine eligibility and credit amount. This bill directly affects low-to-moderate-income Oklahoma families with qualifying children.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides refundable tax relief for lower/middle-income families ($70k AGI threshold), directly advancing fiscal support through targeted child tax credits per bill summary.95% confidence

Sub-Topics Income Tax Tax Credits

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passed · Oklahoma · House Apr 28, 2025

HB 2087: Revenue and taxation; income tax credit; research institutes; effective date.

HB 2087 modifies Oklahoma's income tax credit for donations to qualified research institutes. It adjusts annual funding caps: for biomedical research institutes, the limit drops from $2 million to $1.5 million per year starting in 2026, while cancer research institute credits are capped at $500,000 annually. The credit percentage for each donation type is recalculated yearly based on prior-year claims, using specific formulas to stay within these new limits. Taxpayers donating to qualifying nonprofit biomedical or cancer research institutes (defined by NIH funding requirements) can claim the credit, with individual limits of $1,000-$25,000 depending on filing status or business type.

Topics ✗ Budget & TaxesOpposes Budget & TaxesReduces annual tax credit caps for research institutes, restricting tax benefits and limiting government spending on these credits.95% confidence ✗ HealthcareOpposes HealthcareReduces funding caps for biomedical/cancer research institutes, limiting tax credit support for healthcare research through lower annual donation limits.85% confidence

Sub-Topics Income Tax Tax Credits

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