Bill
Bill > HB2620
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
Potential new amendment
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 income tax rates for individuals; amending 68 O.S. 2021, Section 2358, as amended by Section 2, Chapter 341, O.S.L. 2022 (68 O.S. Supp. 2022, Section 2358), which relates to computation of Oklahoma adjusted gross income; modifying standard deduction amounts; and providing an effective date.
AI Summary
This bill amends Oklahoma's income tax laws by:
1) Modifying individual income tax rates for taxable years beginning on or after January 1, 2022 and ending not later than December 31, 2023, with a top marginal rate of 4.75%.
2) Setting a flat individual income tax rate of 4.5% for taxable years beginning on or after January 1, 2024.
3) Adjusting the standard deduction amounts for individuals who use the standard deduction, with changes effective for taxable years beginning on or after January 1, 2024.
The bill also provides an effective date of November 1, 2023.
Sponsors (2)
Last Action
House Committee HB2620 FULLPCS1 MARK LEPAK-MAH - HB2620 FULLPCS1 MARK LEPAK-MAH (on 02/28/2023)
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=hb2620&Session=2400 |
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2620&Session=2300 |
| HB2620 FULLPCS1 MARK LEPAK-MAH | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20COMMITTEE%20AMENDMENTS/House/HB2620%20FULLPCS1%20MARK%20LEPAK-MAH.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/hB/HB2620%20INT.PDF |
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