Maddy summarySB 269, now law after Governor approval on May 20, 2025, gives Oklahoma's Corporation Commission exclusive authority over CO2 sequestration facilities and storage units, including Class VI injection wells. It updates rules for facility authorization, requires specific notice procedures for owners, and creates a revolving fund for carbon sequestration projects funded by fees. The bill directly affects companies building CO2 storage facilities and the Corporation Commission, which now manages permits, inspections, and fee collection for these operations. Key changes include defining CO2 storage unit ownership requirements, establishing a process for facility modifications, and allowing appeals of Commission decisions to the Supreme Court.
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Maddy summarySB 269 transfers oversight of carbon dioxide (CO2) storage facilities and associated injection wells from environmental agencies to Oklahoma's Corporation Commission. It establishes new rules for authorizing CO2 storage units, requiring public notice, specific ownership percentages, and Commission approval before construction. The bill also creates a revolving fund to cover facility costs and sets procedures for adjusting storage unit sizes. These changes streamline regulation for companies developing carbon sequestration projects in Oklahoma.
Maddy summarySB 299 updates Oklahoma's tax code for calculating business income tax by modifying how net operating losses are handled and how income from property (like real estate or investments) is allocated. It directly affects businesses operating across state lines, particularly those with multi-state operations, by changing rules for deducting federal losses and assigning income from property. Key provisions include clarifying how Oklahoma treats net operating losses separately from federal rules for years after 2008 and updating allocation methods for income from publicly traded partnerships. The bill revises Section 2358 of Oklahoma's tax code to reflect these adjustments, updating statutory language without creating new tax rates or exemptions.
Maddy summaryThis Oklahoma bill changes how lodging tax is calculated by excluding free rooms (comped) and discounted rooms where hotels receive no payment from taxable income. It applies to all counties and cities collecting lodging tax under existing law. Hotels will no longer owe tax on rooms provided at no cost to customers or employees, or discounted rooms without third-party reimbursement. The change takes effect January 1, 2026.
Maddy summarySB 473 requires entities receiving funding under Oklahoma's Rural Economic Action Plan of 1996 to develop a plan measuring the community impact (such as local business growth or resident well-being) of their projects. These entities must use public surveys or input from local governments to gather this data and submit a report detailing the effects of at least two projects to the Oklahoma Department of Commerce by January 1, 2028. Costs for creating the plan and report must be covered using existing initial planning funds allocated under the Rural Economic Action Plan. The bill applies directly to organizations administering rural economic development projects funded through this program.
Maddy summarySB 299 modifies how Oklahoma calculates taxable income for businesses by changing the rules for net operating loss (NOL) deductions. It specifically adjusts how businesses can carry forward or back federal NOLs to offset Oklahoma taxable income, creating a separate "Oklahoma net operating loss" for state tax purposes. For tax years beginning after December 31, 2007, and ending before January 1, 2009, the bill limits NOL carrybacks to two years. This bill directly affects businesses with federal NOLs operating in Oklahoma, altering their state tax calculations without changing tax rates or exemptions.
Maddy summarySB 473 requires entities receiving funding under Oklahoma's Rural Economic Action Plan of 1996 to develop a plan measuring the qualitative effects (like community impact or public sentiment) of their funded projects. These entities must use public surveys or inquiries to assess effects and submit a report on at least two projects by January 1, 2028. The costs for creating these plans and reports must be covered using specific initial planning funds authorized under Oklahoma law. The bill takes effect November 1, 2025.
Maddy summarySB 1112 amends Oklahoma law concerning lodging taxes levied by counties and municipalities. The bill specifies that when calculating these taxes, the "gross receipts or gross proceeds" will no longer include amounts from discounted rooms or rooms provided at no charge to customers or employees. This exclusion applies only if the lodging provider does not receive payment or reimbursement from a third party for these rooms. This change modifies the tax base for lodging providers and will take effect on January 1, 2026.
Maddy summarySB 573 allows small businesses operating within Oklahoma incubators to qualify for up to 10 years of state income tax exemption on business income earned while occupying the incubator space. To maintain this exemption after 2025, businesses must annually submit specific financial and operational details - including employment levels, subcontractor payments, revenue estimates, and other financial information - to the Oklahoma Department of Commerce using a form created by the agency. The bill requires the Commerce Department to establish this reporting framework and mandates that businesses disclose prior tax exemptions and additional state incentives received. This law, effective November 1, 2025, applies directly to small businesses using incubator facilities to access the tax benefit.
Maddy summarySB 575 amends Oklahoma's enterprise zone incentive program to require businesses and local governments receiving state matching payments to submit annual reports to the Oklahoma Department of Commerce. These reports must include details on new jobs, payroll amounts, and capital investment made within enterprise zones or tourism projects. The bill also mandates that the Department of Commerce make all reported data publicly available online. It updates existing rules to ensure transparency about how incentive funds are used, directly affecting businesses expanding in designated zones and local governments approving qualifying projects.