Recent Articles

Sleeping dogs of the 2015 session

The 2015 session is now underway and it’s clear that this year, as always, will feature heated debates on a multitude of contentious issues, from proposals to expand school choice through vouchers and charter schools to efforts to rein in… Read more [More...]

Rainy Day Fund

The Rainy Day Fund (formally known as the Constitutional Reserve Fund) was created in 1985 in response to a dramatic revenue downturn. It is designed to collect extra funds when times are good and to spend those funds when revenues… Read more [More...]

House Bill 1017

House Bill 1017, the Education Reform Act of 1990, was landmark legislation that funded a broad range of education initiatives through increased taxes. The Legislature appropriated more than $560 million over five years to implement a wide range of reform… Read more [More...]

1017 Fund

The 1017 Fund, or Education Reform Revolving Fund, is a dedicated revenue fund that is appropriated to the State Department of Education. The fund initially consisted of personal and corporate income tax, sales tax, and use tax revenues attributable to… Read more [More...]

Franchise Tax

Until the end of 2023, Oklahoma levied a franchise tax on all corporations or associations doing business in the state. Corporations were taxed $1.25 for each $1,000 of capital invested or otherwise used in Oklahoma up to a maximum levy… Read more [More...]

Gross Production Taxes

Gross production taxes, or severance taxes, are value-based taxes levied at a basic rate of 7 percent upon the production of oil and gas in Oklahoma. Under legislation approved in the 2017 special session (HB 1010xx), oil and gas from… Read more [More...]

Have Oklahoma gaming revenues peaked?

Ten years after Oklahoma voters approved gaming compacts with Native American tribes and racetrack gaming, the state is collecting over $140 million annually as its share of gaming revenues. However, years of growth in gaming revenue have now ended, which… Read more [More...]

Sales Tax Relief Credit

The Sales Tax Relief Credit is an income tax credit that provides a rebate of $40 per household member to households with incomes at or below the following levels: $50,000 per year for filers who are elderly, have a physical… Read more [More...]

Quality Jobs Program

The Quality Jobs program is a state tax incentive program, created in 1993, that provides a quarterly cash payment to qualified companies of up to 5 percent of new taxable payroll. The incentive targets manufacturers and certain other industries that… Read more [More...]

Investment/New Jobs Tax Credit

The Investment/New Job tax credit is a credit allowed on Oklahoma income tax. The credit can be claimed either on an investment in depreciable property or on the addition of full-time-equivalent employees engaged in manufacturing, processing, or aircraft maintenance. The… Read more [More...]