Oklahoma SB291 amends the Oklahoma State Finance Act to provide a tax credit based on certified revenue growth.
Oklahoma SB291 amends the Oklahoma State Finance Act to modify the calculation of a tax credit. The State Board of Equalization must certify revenue growth percentages for oil, natural gas, and corporate income tax. If the growth exceeds certain thresholds, the Oklahoma Tax Commission will calculate a tax credit based on these certified amounts. The credit amount is subject to specific calculations and conditions, including a doubling for married filing jointly returns. The act becomes effective November 1, 2025.
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