Budget & Taxes (Income Tax)

in committee · Oklahoma · House Feb 3, 2026

HB 4064: Revenue and taxation; Oklahoma taxable income and adjusted gross income; OSHA; consultation; effective date.

HB 4064 modifies Oklahoma's tax calculation rules for income tax purposes. It adjusts how state tax liability is calculated by adding state/local interest income not federally exempt, deducting amounts federal law prohibits taxing, and changing how businesses can carry forward net operating losses (e.g., limiting loss carrybacks to two years for certain tax years). These changes apply directly to Oklahoma taxpayers, including both individuals and corporations, when filing state income tax returns. The bill updates existing tax code provisions to align with federal rules and clarify income allocation methods.

Topics ✗ Budget & TaxesOpposes Budget & TaxesAdds taxable income (state/local interest) and restricts business loss carrybacks, increasing state tax revenue.95% confidence

Sub-Topics Income Tax

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in committee · Oklahoma · House Feb 3, 2026

HB 3426: Revenue and taxation; income tax credit; blood donation; effective date.

HB 3426 repeals a state income tax credit for blood donations in Oklahoma. It removes the provision that allowed taxpayers to claim a credit for donating blood, effective January 1, 2028. This change directly affects Oklahomans who previously claimed this credit on their state tax returns. The bill makes no new provisions or funding changes - only eliminates the existing tax benefit.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRepeals income tax credit for blood donations, eliminating a tax benefit which alignates with restricting tax relief under 'oppose' stance.95% confidence

Sub-Topics Income Tax Tax Credits

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signed · Oklahoma · Senate May 29, 2025

SB 287: Income tax; modifying tax years for aerospace tax credit. Effective date.

SB 287 extends Oklahoma's aerospace tax credit program, allowing employers in the aerospace sector to claim credits for tuition reimbursement and compensation paid to qualified employees through 2031. The credit for tuition is 50% of the cost (capped at the average public tuition in Oklahoma) for the first four years of employment, while the credit for compensation is 10% for employees with Oklahoma degrees or 5% for out-of-state graduates, applicable for the first five years of employment. This bill affects aerospace businesses and certain educational institutions, specifically targeting employees with ABET-accredited aerospace engineering degrees or licensed engineers.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill extends tax credit for aerospace sector, reducing state revenue through targeted tax break, weakening budget revenue stream.95% confidence

Sub-Topics Income Tax Tax Credits

passed · Oklahoma · Senate Mar 31, 2026

SB 1395: Income tax credit; limiting new jobs tax credit to certain tax years for manufacturers; modifying carryforward. Effective date.

SB 1395 modifies Oklahoma's new jobs tax credit program for manufacturers. The bill restricts the credit to specific tax years and changes how unused credits can be carried forward to future years. Manufacturers must now submit an application and receive approval before claiming the credit. These changes update the program's eligibility and administrative requirements.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRestricts manufacturer tax credit eligibility and carryforward rules, limiting tax benefits for businesses rather than expanding them.90% confidence

Sub-Topics Income Tax Tax Credits

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in committee · Oklahoma · Senate Feb 6, 2025

SB 293: Income tax; modifying certain income tax rate for certain tax years. Effective date.

SB 293 modifies Oklahoma's individual income tax rates for tax years beginning in 2024. It directly affects all Oklahoma residents and nonresidents who file individual income tax returns. The bill establishes new tax brackets with lower rates, reducing the top marginal rate to 4.75% for single filers and 4.75% for married couples filing jointly (down from previous rates like 5.50% or 6.75%). The change applies to all taxable income above specified thresholds, streamlining the tax computation for 2024 and subsequent years.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill reduces top income tax rate, lowering government revenue, thus weakening fiscal management and budget stability.95% confidence

Sub-Topics Business Taxes Income Tax

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in committee · Oklahoma · Senate Feb 4, 2025

SB 43: Income tax; exempting wagering losses from itemized deduction limit for certain tax years. Effective date.

SB 43 removes a limitation on deducting gambling losses for Oklahoma taxpayers who itemize deductions. It amends Section 2358 of Oklahoma's tax code to eliminate the previous cap on deducting wagering losses, directly affecting individual taxpayers with significant gambling losses who file itemized returns. The bill updates statutory language to allow full deduction of these losses without the prior restriction for certain tax years. This change aligns Oklahoma's tax treatment of wagering losses more closely with federal tax rules.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill removes deduction cap on gambling losses, reducing state tax revenue and weakening fiscal management through expanded tax breaks.95% confidence

Sub-Topics Income Tax

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in committee · Oklahoma · Senate Feb 5, 2025

SB 581: Gold and silver; authorizing employees to request payment in gold and silver; directing creation of Oklahoma Bullion Depository; exempting sale of gold and silver from income tax. Effective date.

SB 581 allows Oklahoma state employees, private businesses, and residents to negotiate and receive payments in gold or silver bullion instead of cash, with compensation valued at current global market rates. It requires payments in gold/silver to be deposited into the newly created Oklahoma Bullion Depository or partner banks, and mandates the State Treasurer to establish this depository with fee structures (capping fees at 2% for residents). The bill also exempts gains from selling gold or silver from state income tax, aligning with tax law amendments. This directly affects state workers choosing payment methods, businesses offering gold/silver transactions, and individuals selling precious metals.

Topics ✗ Budget & TaxesOpposes Budget & TaxesExempts gold/silver sales from income tax, reducing state tax revenue and weakening fiscal management per bill's tax exemption provision.90% confidence

Sub-Topics Income Tax

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in committee · Oklahoma · Senate Mar 10, 2025

SB 367: Income tax; modifying calculation of the Oklahoma earned income tax credit. Effective date.

SB 367 modifies Oklahoma's earned income tax credit (EITC) calculation for tax years 2022 through 2025. It sets the state credit at 5% of the federal EITC amount and requires that the maximum credit be prorated based on how much a taxpayer's Oklahoma-adjusted gross income compares to their federal adjusted gross income. This change directly affects low-to-moderate income Oklahoma residents who claim the state EITC on their tax returns. The bill takes effect November 1, 2025.

Topics ✗ Budget & TaxesOpposes Budget & TaxesReduces Oklahoma EITC benefit to 5% of federal credit and prorates max amount, directly weakening tax relief for low-income taxpayers.90% confidence

Sub-Topics Income Tax Tax Credits

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passed · Oklahoma · Senate Mar 27, 2025

SB 48: Income tax; limiting certain capital gains deduction to certain tax years. Effective date.

SB 48 limits when Oklahoma taxpayers can deduct certain capital gains from their state income tax. It specifically restricts the deduction for "qualifying gains receiving capital treatment" to only certain tax years, affecting individuals and businesses with capital gains transactions. The bill amends Oklahoma's tax code (68 O.S. 2021, Section 2358) to update the rules governing these deductions, ensuring they align with specific tax year parameters. This change modifies how capital gains are treated for state tax purposes without altering federal tax rules.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRestricts capital gains tax deductions, limiting tax benefits and increasing state revenue by closing a deduction loophole per bill's explicit language.95% confidence

Sub-Topics Income Tax

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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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