Bill > HB1953

This bill amends Oklahoma's income tax laws to: 1. Modify the individual income tax rates for taxable years beginning in 2024 through 2025, setting a flat rate of 4.25% on Oklahoma taxable income above certain thresholds ($9,750 for single/married filing separately, $16,250 for head of household, and $19,450 for joint filers). 2. Allow the 4.25% rate to be extended for subsequent years by law. If not extended, revert to a 4.75% rate on income above the thresholds for 2026-2027 and subsequent two-year periods. 3. Make a technical amendment related to the Pass-Through Entity Tax Act, updating a reference to the individual income tax rate. 4. Provide an effective date of January 1, 2024 for the changes. The bill aims to adjust individual income tax rates in Oklahoma for a limited period, while allowing for potential extension or reversion to a higher rate in the future, depending on legislative action.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1953&Session=2400