The bill amends Section 1358 of Title 68 of the Oklahoma Statutes to expand the definitions and exemptions related to sales tax for agricultural products. Notably, it includes timber as part of "agricultural products" and clarifies that "farming" or "farm" encompasses the production of timber, seedling production, and forestry management. Additionally, it specifies that "ranching" or "ranch" includes the business of raising horses. The bill also maintains that sales of items at race meetings are not exempt from sales tax.

The effective date for these changes is set for November 1, 2025. The bill aims to provide clearer definitions and broaden the scope of agricultural sales tax exemptions, thereby supporting the agricultural sector in Oklahoma.