Bill > HB2087

This bill amends the Oklahoma income tax law to reduce certain individual income tax rates for taxable years beginning on or after January 1, 2024, with the potential for further rate reductions starting in 2025 contingent on a determination by the State Board of Equalization regarding revenue growth. The bill also maintains the current 4% corporate income tax rate and the 4% tax rate on certain foreign corporations' Oklahoma-source income. The bill provides procedures for the State Board of Equalization to make the required revenue growth determination and for implementing any resulting further income tax rate reductions. The bill takes effect on November 1, 2023.