Bill > HB2950

This bill amends Oklahoma's income tax law to modify the tax rates for individuals and other entities. The key provisions are: 1. For tax years beginning on or after January 1, 2024, the bill establishes new individual income tax rates, ranging from 0.25% on the first $1,000 of taxable income to 4.75% on the remainder. 2. For tax years beginning on or after January 1, 2025, the bill provides for automatic reductions in the individual income tax rate, starting at 4.75% and decreasing by 0.25 percentage points for each year that total tax collections exceed the prior year by at least $400 million, until the rate reaches 3%. 3. Once the rate reaches 3%, it will be further reduced by 0.3 percentage points each year for the next 10 years, until the individual income tax rate reaches 0%. 4. The bill maintains the 4% corporate income tax rate and the 4% tax rate on certain foreign corporations. The purpose of these changes is to gradually reduce Oklahoma's individual income tax rate over time, contingent on the state's tax revenue growth.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2950&Session=2400