summary
Introduced
02/05/2024
02/05/2024
In Committee
02/06/2024
02/06/2024
Crossed Over
Passed
Dead
05/31/2024
05/31/2024
Introduced Session
2024 Regular Session
Bill Summary
An Act relating to income tax; 68 O.S. 2021, Section 2355, as last amended by Section 1, Chapter 27, 1st Extraordinary Session, O.S.L. 2023 (68 O.S. Supp. 2023, Section 2355), which relates to tax imposed and classes of taxpayers; modifying income tax rate for certain tax years; updating statutory references; updating statutory language; and providing an effective date.
AI Summary
This bill modifies the income tax rate for certain tax years in Oklahoma. Specifically, it reduces the tax rates for individual income taxes for tax years beginning on or after January 1, 2024. The bill also provides an effective date of November 1, 2024. The key provisions include reducing the top marginal individual income tax rate from 4.75% to 4.625% and making corresponding reductions to the lower income tax brackets. The bill also makes updates to statutory references and language.
Sponsors (1)
Last Action
Second Reading referred to Rules (on 02/06/2024)
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=sb1250&Session=2400 |
| Fiscal Note/Analysis - Senate: SB1250 INT FI | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/SB1250%20INT%20FI.PDF |
| Fiscal Note/Analysis - Senate: Introduced | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB1250%20INT%20BILLSUM.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/SB/SB1250%20INT.PDF |
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