Senate Bill No. 680 amends existing laws regarding the cigarette stamp tax in Oklahoma, specifically updating definitions and providing exemptions for certain tobacco products. The bill modifies the definition of "cigarette" to include products intended to be heated or burned, while removing the previous language that referred to substitutes. Additionally, it introduces a new exemption for the sale of cigarettes intended to be heated rather than burned, allowing for a 50% reduction in the taxes levied under the cigarette stamp tax provisions.

The bill also mandates that the Oklahoma Tax Commission create rules and regulations to implement these changes, ensuring that stamps for heated tobacco products are available by the effective date of the act, which is set for November 1, 2026. Other updates include clarifying statutory language and references, as well as maintaining exemptions for sales to veterans' hospitals, the United States, and federally recognized Indian tribes that have entered into compacts with the state.