HB 4411 amends Oklahoma's Parental Choice Tax Credit program to allow taxpayers to claim credits for private school tuition and related expenses (like textbooks and tutoring) at accredited schools, with credit amounts based on family income (up to $7,500 annually for lower-income families). It requires accredited private schools to publicly display their tuition costs and updates the Oklahoma Tax Commission's website to include program details. The bill directly affects Oklahoma parents/guardians with eligible students who choose accredited private schools and the Tax Commission in administering the program. The credit applies to qualified expenses for students attending accredited private schools or participating in approved nonpublic learning programs.
SB 1776 creates a $10,000 annual income tax credit for Oklahoma teachers who have completed eight consecutive years teaching in the same school district. To qualify, teachers must continue teaching in that district for the remainder of their eighth year plus three additional years (with exceptions for layoffs, death, or medical hardship). The credit is refundable, meaning any amount exceeding a teacher's tax liability will be paid directly to them. The Oklahoma Tax Commission may audit claims and require repayment if eligibility is later found to be invalid. This bill would apply to tax years starting in 2027.
HB 4414 creates a zero-interest loan program administered by Oklahoma Housing Finance Agency (OHFA) to build affordable single-family homes statewide. It prioritizes homebuilders seeking to develop housing in communities affected by federally declared natural disasters within the last year. The bill requires OHFA to develop a community needs assessment tool to allocate funds and prohibits participants from also claiming the Oklahoma Affordable Housing Tax Credit. OHFA must submit annual reports detailing program outcomes to state leadership, with the law taking effect November 1, 2026.
HB 3677 amends Oklahoma's Parental Choice Tax Credit Program to expand tax credits for families using private education. It directly affects Oklahoma taxpayers with eligible students attending accredited private schools or certain alternative education programs. The bill establishes income-based credit amounts (ranging from $5,000 to $7,500 annually), covers tuition, tutoring, materials, and assessments, and adds special provisions for schools serving homeless students or financially disadvantaged students. The Oklahoma Tax Commission must publish monthly updates on the program via its website, with the changes effective for tax year 2024 and beyond.
HB 3705 increases Oklahoma's Parental Choice Tax Credit Program, allowing taxpayers to claim credits for education expenses of eligible students. The bill raises the maximum annual credit for private school tuition to $7,500 (or actual tuition, whichever is lower) for families earning under $75,000, with tiered reductions up to $5,000 for households earning over $250,000. It also creates special credit tiers for students experiencing homelessness ($7,500) and those at financially disadvantaged private schools (maximum credit based on average school costs). Qualified expenses include tuition, tutoring, textbooks, and standardized test fees, but exclude scholarship-funded amounts. This directly affects Oklahoma families choosing private education or approved alternative learning programs.
HB 4118 proposes a tax credit for Oklahoma caregivers of eligible family members. It allows a 50% credit on qualifying expenses - such as medical travel mileage, home modifications, medical equipment, and hiring aides - for caregivers with income under $50,000 (or $100,000 for couples) caring for someone aged 62+ who needs help with two or more daily living tasks (like bathing, dressing, or eating). The credit caps at $2,000 annually per family, rising to $3,000 if the care recipient is a veteran or has dementia. The total annual credit pool is limited to $1.5 million, with unused funds adjusted yearly. If passed, it would take effect November 1, 2026.
SB 1996, the Children's Promise Act, creates a tax credit for Oklahoma taxpayers who donate to qualifying charitable organizations focused on children's welfare. The credit equals 50% of the donation amount (up to the taxpayer's total income tax liability), but donations cannot be deducted from taxable income. Eligible organizations must be Oklahoma-based 501(c)(3) groups with missions like preventing child abuse, supporting adoption, or providing pregnancy assistance, and must certify they do not support or refer for abortions. Taxpayers claim the credit using a specific form, and organizations must verify compliance annually with the Oklahoma Tax Commission.
SB 2075 reduces fees charged by money transmission businesses (like wire services and money transmitters) in Oklahoma. For transactions up to $500, the fee drops from $25 to $5, and for amounts over $500, the fee is now 1% instead of 5%. These fees must be paid quarterly to the Oklahoma Tax Commission and will fund a Drug Money Laundering and Wire Transmitter Revolving Fund. Businesses must also inform customers they can claim an income tax credit for the fee by filing a tax return with a valid Social Security number or tax ID.
HB 4485 requires county assessors to value real property financed with federal low-income housing tax credits (under IRS Section 42) using the income-approach method for property tax assessments. It explicitly prohibits including the value of federal or state low-income housing tax credits when determining a property’s fair cash value. Property owners must provide written notice to the county assessor by January 1 each year if the property uses such credits. The bill takes effect January 1, 2027, and applies specifically to properties using federal tax credits for low-income housing development.
HB 4273 creates an income tax credit for Oklahoma employees working in the aerospace sector who hold ABET-accredited engineering degrees or are licensed Professional Engineers. It defines "qualified employees" as individuals with such credentials working for "qualified employers" (aerospace businesses or higher education institutions with dedicated aerospace research programs). The credit applies to tuition paid for qualifying engineering programs and is limited to five years per person. This policy directly affects aerospace workers and employers in Oklahoma's aerospace industry by reducing their state income tax liability. The bill takes effect January 1, 2027.
