Bill
Bill > HB2021
summary
Introduced
02/06/2023
02/06/2023
In Committee
02/07/2023
02/07/2023
Crossed Over
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; modifying income tax rates with respect to certain amounts of taxable income; and providing an effective date.
AI Summary
This bill amends the Oklahoma Income Tax Act to modify the income tax rates for individual taxpayers. Specifically, it reduces the top marginal tax rate from 4.75% to 0.00% on the first $7,200 (for single individuals) and $14,400 (for married filing jointly) of taxable income, while keeping the 4.75% rate on the remainder. The bill also changes the effective date of these rate changes from January 1, 2022, to January 1, 2024. The bill does not impact the income tax rates for corporations or other entities.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Referred to Appropriations and Budget Finance - Revenue and Taxation Subcommittee (on 02/07/2023)
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=hb2021&Session=2400 |
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2021&Session=2300 |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/hB/HB2021%20INT.PDF |
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