The Oklahoma Youth Entrepreneurs Promotion and Development Act of 2026 aims to promote entrepreneurial activities among youth by providing sales tax exemptions for certain business activities conducted by individuals under eighteen years of age. The bill amends existing laws to exempt sales of tangible personal property and services by these young sole proprietors, as well as income derived from their business activities, while establishing limitations on adult assistance and imposing a gross revenue cap. The exemption will not apply if the business is materially operated for the benefit of an adult, and it also exempts qualifying sole proprietors from state or local business licensing requirements.

In addition to the youth-focused provisions, the bill introduces amendments to the Oklahoma Sales Tax Code, clarifying exemptions for various goods and services, and modifies tax regulations for insurance companies and corporations. It specifies how taxable income will be apportioned and introduces new methods for calculating net income for unitary business enterprises. The bill also outlines various tax exemptions and deductions for specific activities, such as agricultural commodity processing and paid leave for poll worker volunteers, while aligning state tax regulations with federal standards. Overall, the legislation seeks to provide targeted tax relief and incentives for young entrepreneurs and specific industries within Oklahoma.

Statutes affected:
Introduced: 68-1357, 68-2358