Sign in Subscribe
Legislators

Oklahoma Legislature Reaches Agreement on $12.59 Billion FY 2026 Budget

Strategic Insights

— 1 min read

Oklahoma lawmakers have agreed on a $12.59 billion budget deal for the upcoming fiscal year, with Governor Kevin Stitt unveiling the plan as a key step towards making the state more business-friendly and investing in critical infrastructure. The agreement includes a quarter-point income tax reduction and a trigger, with the bottom three tax brackets being eliminated. A significant portion of the budget, $3.98 billion, will be allocated to the State Department of Education.

Key Takeaways:

  • The budget includes a quarter-point income tax cut, with the bottom three tax brackets being eliminated.
  • The state savings account will be reduced from $5 billion to $3.5 billion.
  • $200 million will be invested in the OU pediatric heart hospital in Oklahoma City.
  • $250 million will be allocated for a state-of-the-art veterinary hospital at Oklahoma State University in Stillwater.
  • $312 million will be used to purchase the Lawton Correctional and Rehabilitative Facility from the GEO Group.
  • $27 million will be earmarked for a FY 2025 supplemental for the Oklahoma Department of Mental Health and Substance Abuse Services.
  • Education will receive the largest appropriation at $3.98 billion for FY 2026.

Statistics:

  • $12.59 billion: The total budget deal for FY 2026.
  • $200 million: Investment in the OU pediatric heart hospital.
  • $250 million: Allocation for a state-of-the-art veterinary hospital at Oklahoma State University.
  • $312 million: Purchase price of the Lawton Correctional and Rehabilitative Facility.
  • $27 million: FY 2025 supplemental for the Oklahoma Department of Mental Health and Substance Abuse Services.
  • $3.98 billion: Largest appropriation for education in FY 2026.

Sources:

  • BridgeTower Media. Copyright {c} 2024 BridgeTower Media. All Rights Reserved.

Read more