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OklahomaSB 1992Oklahoma 2026 Regular SessionSenateWALLET

Income tax credit; defining "strategic finance partner." Effective date.

Sponsored By: Chuck Hall (Republican)

Signed by Governor

Senate Committee

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

Assign credits to Oklahoma partners

Businesses can assign unused SIDE credits to an Oklahoma‑taxable affiliate, such as a customer, vendor, investor, or strategic finance partner. A strategic finance partner is any entity that provides capital, including cash, loans, guarantees, other instruments, or services. Assignments can occur in the year earned or within five years after the year the costs were incurred. The parties must file the written assignment with the Tax Commission within 30 days and include names, addresses, taxpayer IDs, the amount, and the tax year(s).

Tax credit for Oklahoma industrial projects

Beginning Nov 1, 2026, Oklahoma offers the SIDE income tax credit for tax years starting after Dec 31, 2022 through 2027. Eligible Oklahoma businesses with qualifying projects in industrial parks or ports in counties under 100,000 people, or next to specified rail lines, can apply. The credit equals 10% of qualified economic development costs and 50% of qualified initial infrastructure costs. A project’s total credit cannot exceed $6 million (initial infrastructure portion capped at $3 million), and the state allocates no more than $12 million each year. Credits are nonrefundable, but unused amounts carry forward for up to five years.

How projects apply and get certified

Beginning Nov 1, 2026, the Tax Commission and Commerce set rules and forms for the SIDE credit. A project sponsor must file the application. It must describe the project and location, list detailed costs, and show expected jobs and economic benefits. Commerce reviews eligibility, pre‑approves qualified costs and finance partners, and issues a completion certificate that meets Tax Commission requirements.

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Sponsors & Cosponsors

Sponsor

  • Chuck Hall

    Republican • Senate

Cosponsors

  • Trey Caldwell

    Republican • House

Roll Call Votes

All Roll Calls

Yes: 92 • No: 40

House vote • 4/13/2026

Top_of_Page

Yes: 65 • No: 24

House vote • 4/7/2026

DO PASS

Yes: 27 • No: 2

Senate vote • 3/23/2026

THIRD READING

Yes: 0 • No: 14

Senate vote • 2/25/2026

Top_of_Page

Yes: 0 • No: 0

Actions Timeline

  1. Approved by Governor 04/17/2026

    4/20/2026Senate

  2. Sent to Governor

    4/14/2026Senate

  3. Signed, returned to Senate

    4/14/2026House

  4. Enrolled, to House

    4/14/2026Senate

  5. Referred for enrollment

    4/13/2026Senate

  6. Signed, returned to Senate

    4/13/2026House

  7. Third Reading, Measure passed: Ayes: 65 Nays: 24

    4/13/2026House

  8. General Order

    4/13/2026House

  9. CR; Do Pass Appropriations and Budget Committee

    4/8/2026House

  10. Second Reading referred to Appropriations and Budget

    3/30/2026House

  11. First Reading

    3/24/2026House

  12. Engrossed to House

    3/24/2026Senate

  13. Referred for engrossment

    3/23/2026Senate

  14. Measure passed: Ayes: 30 Nays: 14

    3/23/2026Senate

  15. Title restored

    3/23/2026Senate

  16. General Order, Amended

    3/23/2026Senate

  17. Placed on General Order

    3/2/2026Senate

  18. Title stricken

    2/25/2026Senate

  19. Reported Do Pass as amended Appropriations committee; CR filed

    2/25/2026Senate

  20. Coauthored by Representative Caldwell (Trey) (principal House author)

    2/11/2026Senate

  21. Second Reading referred to Appropriations

    2/3/2026Senate

  22. Authored by Senator Hall

    2/2/2026Senate

  23. First Reading

    2/2/2026Senate

Bill Text

  • Enrolled (final version)

    4/14/2026

    PDF

  • Floor (House)

    4/8/2026

    PDF

  • House Committee Report

    4/8/2026

    PDF

  • Engrossed

    3/24/2026

    PDF

  • Floor (Senate)

    2/26/2026

    PDF

  • Senate Committee Report

    2/25/2026

    PDF

  • Introduced

    1/15/2026

    PDF

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