SB 291 Summary

• Amends Section 34.103 of Title 62 to require the State Board of Equalization to certify in February 2026 and annually thereafter the percentage growth of amounts available for appropriation and the amount of revenues exceeding five percentage points of that growth for calculating a tax credit.

• Creates a new refundable personal income tax credit against corporate income tax when revenue growth exceeds 10%, with the credit amount calculated by dividing certified revenues by a weighted sum of tax returns filed in the second preceding tax year.

• Doubles the credit amount for married filing jointly filers and requires the Oklahoma Tax Commission to publish the calculated credit amount on its website within 45 days of Board certification.

• Suspends the tax credit if a revenue failure is declared prior to November 1 of the calendar year corresponding to the applicable tax year.

• Effective date is November 1, 2025.