summary
Introduced
02/06/2023
02/06/2023
In Committee
04/03/2023
04/03/2023
Crossed Over
03/27/2023
03/27/2023
Passed
Dead
05/31/2024
05/31/2024
Introduced Session
2023 Regular Session
Bill Summary
An Act relating to revenue and taxation; amending 68 O.S. 2021, Section 2355, as amended by Section 45, Chapter 228, O.S.L. 2022 (68 O.S. Supp. 2022, Section 2355), which relates to income tax rates; modifying individual income tax rates; and providing an effective date.
AI Summary
This bill amends Oklahoma's income tax law to modify the individual income tax rates. Specifically, it reduces the tax rates for single individuals and married individuals filing jointly across various income brackets, with the top marginal rate decreasing from 4.75% to 4.25%. The bill also changes the effective date of these changes from 2022 to 2024. Additionally, the bill maintains the current 4% corporate income tax rate and the 8% tax rate for nonresident aliens.
Committee Categories
Budget and Finance
Sponsors (7)
David Bullard (R)*,
Charles McCall (R)*,
Jon Echols (R),
Kevin McDugle (R),
Terry O'Donnell (R),
Lonnie Sims (R),
Max Wolfley (R),
Last Action
Coauthored by Representative Wolfley (on 04/27/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1954&Session=2400 |
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1954&Session=2300 |
| Fiscal Note/Analysis - Senate: HB1954 ENGR FI | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/HB1954%20ENGR%20FI.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20ENGR/hB/HB1954%20ENGR.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20FLR/HFLR/HB1954%20HFLR.PDF |
| Fiscal Note/Analysis - House: Introduced | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/BILLSUM/House/HB1954%20INT%20BILLSUM.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/hB/HB1954%20INT.PDF |
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