Budget & Taxes (Debt & Bonds)

SB 2145 requires state, county, or municipal public trusts to obtain majority voter approval before issuing new debt, such as bonds. This applies to trusts authorized under Oklahoma’s Constitution (Articles X and XI), including entities like pension funds or infrastructure trusts. The bill mandates a vote at a public election for each new debt issuance, rather than allowing officials to approve borrowing unilaterally. It takes effect November 1, 2026, and would be codified in Oklahoma Statutes.

SJR 44 is a constitutional amendment requiring voter approval for property tax changes and debt issuance. It would raise the threshold from a simple majority to at least two-thirds of registered voters casting ballots for any new tax, tax increase, or debt issuance by counties, cities, or other local governments. The amendment affects all local taxing jurisdictions in Oklahoma by making it harder to pass tax or debt measures without broad public support. It applies to existing constitutional provisions governing property taxes (Sections 6B, 8, 9, etc.) and revenue bills, though it does not change current tax exemptions like manufacturing incentives. The measure must be approved by voters in an election to take effect.

HB 1220 prohibits Oklahoma cities and towns from imposing franchise fees or sales/use taxes on specific revenue streams used by utilities to repay private financing. It directly affects electric cooperatives and other utilities that used private financing under the February 2021 Utility Consumer Protection Acts to avoid immediate cost burdens on customers. The bill defines "securitization revenue streams" as rates and charges solely for repaying such private loans, and bans local taxes on these streams for bonds issued by the Oklahoma Development Finance Authority under those acts. This prevents municipalities from taxing revenue dedicated to repaying utility loans structured to protect consumers from upfront costs.

SJR 26 proposes a constitutional amendment creating Oklahoma's "Taxpayer's Bill of Rights" (Section 44 of Article X), requiring voter approval for new local taxes and debt. It directly affects cities, counties, and school districts (referred to as "districts") by limiting annual spending growth to local property value increases or student enrollment changes, mandating refunds with 10% annual interest for excess tax collections, and requiring specific voter disclosures before tax or debt measures. Key provisions include prohibiting new property transfer taxes, blocking local income taxes, and requiring districts to mail detailed budget notices to voters 30 days before elections. The amendment would take effect January 1, 2028, if approved by voters.