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 specifies that starting in February 2026, the Board will certify the percentage growth of available appropriations for the upcoming fiscal year and, if this growth exceeds 10%, will also certify the amount of revenues exceeding five percentage points of that growth for calculating a tax credit. This new section, designated as Section 2357.207 of Title 68, outlines the calculation of the tax credit based on the certified amount and the number of personal income tax returns filed in the previous year, with specific multipliers for different filing statuses.

Additionally, the bill mandates that the Oklahoma Tax Commission publish the calculated credit amount on its website within 45 days of the Board's certification. However, if a revenue failure is declared before November 1 of the corresponding tax year, the tax credit will not be provided. The effective date for this act is set for November 1, 2025.