summary
Introduced
06/13/2022
06/13/2022
In Committee
Crossed Over
06/15/2022
06/15/2022
Passed
Dead
06/15/2022
06/15/2022
Introduced Session
2022 Third Special Session
Bill Summary
An Act relating to revenue and taxation; amending 68 O.S. 2021, Section 2355, as last amended by Section 45 of Enrolled Senate Bill No. 1802 of the 2nd Session of the 58th Oklahoma Legislature, which relates to income tax rates; modifying rates of individual income tax; and providing an effective date.
AI Summary
This bill modifies the individual income tax rates in Oklahoma. It reduces the tax rates for single individuals and married individuals filing jointly, with the top marginal rate decreasing from 4.75% to 4.50%. The bill also eliminates the 0.25% tax on the first $1,000 of taxable income for both single individuals and married couples filing jointly. Additionally, the bill maintains the existing income tax rates for corporations at 4% and for nonresident aliens at 8%.
Sponsors (3)
Last Action
Engrossed, signed, to Senate (on 06/15/2022)
Official Document
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