Bill No. 680, introduced by Senators Paxton and Caldwell, amends various sections of the Oklahoma Statutes regarding the taxation of heated tobacco products. The bill modifies the definition of "cigarette" to include products intended to be heated or burned, while also updating the definitions of related terms such as wholesaler, distributor, and jobber. Additionally, it provides an exemption from the stamp excise tax for sales of cigarettes intended to be heated, allowing for a 50% reduction in taxes levied under the relevant statutes. The Oklahoma Tax Commission is tasked with creating rules and regulations to implement these changes and ensure compliance.

The bill also clarifies existing exemptions for sales to veterans' hospitals, the United States, and federally recognized Indian tribes, updating statutory references to reflect these changes. The effective date for the implementation of this act is set for November 1, 2025. Overall, the legislation aims to adapt the state's tax framework to accommodate the growing market for heated tobacco products while ensuring that appropriate regulations are in place.