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Bill > HB2962
OK HB2962
OK HB2962Revenue and taxation; individual income tax rates; earned income tax credit; computation of credit; effective date.
summary
Introduced
04/28/2021
04/28/2021
In Committee
05/17/2021
05/17/2021
Crossed Over
05/18/2021
05/18/2021
Passed
05/20/2021
05/20/2021
Dead
Signed/Enacted/Adopted
05/24/2021
05/24/2021
Introduced Session
2021 Regular Session
Bill Summary
An Act relating to revenue and taxation; amending 68 O.S. 2011, Section 2355, as last amended by Section 2, Chapter 195, O.S.L. 2014 (68 O.S. Supp. 2020, Section 2355), which relates to individual income tax; modifying tax rates; amending 68 O.S. 2011, Section 2357.43, as amended by Section 1, Chapter 341, O.S.L. 2016 (68 O.S. Supp. 2020, Section 2357.43), which relates to the earned income tax credit; modifying provisions related to refundability; providing method for computation of tax credit using designated tax year; and providing an effective date. SUBJECT: Revenue and taxation
AI Summary
This bill amends the Oklahoma individual income tax rates, reducing the top marginal rate from 5% to 4.75% for both single individuals and married filing jointly. It also modifies the state's Earned Income Tax Credit (EITC) by making it refundable for tax years beginning on or after January 1, 2022, and tying the credit to the same requirements as the federal EITC for the 2020 tax year. The bill takes effect on January 1, 2022.
Committee Categories
Budget and Finance
Sponsors (8)
Charles McCall (R)*,
Roger Thompson (R)*,
Greg Treat (R)*,
Kevin Wallace (R)*,
Chuck Hall (R),
Kyle Hilbert (R),
Mark Lepak (R),
Todd Russ (R),
Last Action
Approved by Governor 05/21/2021 (on 05/24/2021)
Official Document
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