Bill No. 291 amends existing law regarding the duties of the State Board of Equalization and introduces a new refundable income tax credit. The bill requires the Board to certify the percentage growth of available appropriations for the upcoming fiscal year and, if this growth exceeds ten percent, to calculate the amount of revenues exceeding five percentage points for tax credit purposes. This new duty will commence in February 2026 and will be conducted annually thereafter.

Additionally, the bill establishes a new section in the Oklahoma Statutes that allows for a refundable tax credit based on the amount certified by the Board. The credit will be calculated by the Oklahoma Tax Commission and will be based on the number of personal income tax returns filed in the second preceding tax year. The credit amount will be doubled for married couples filing jointly. Furthermore, if a revenue failure is declared before November 1 of the corresponding tax year, the tax credit will not be provided. The act is set to take effect on November 1, 2025.