Bill
Bill > SB1263
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; amending 68 O.S. 2021, Section 2355, as 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 on classes of taxpayers; modifying income tax rate for certain tax years; updating statutory references; updating statutory language; providing an effective date; and declaring an emergency.
AI Summary
This bill amends the Oklahoma income tax law to modify the tax rate for certain tax years. Specifically, it lowers the income tax rates for individuals, with the top marginal rate decreasing from 4.75% to 4.5% for taxable years beginning on or after January 1, 2024. The bill also makes some technical updates to statutory references and language. The bill has an effective date of July 1, 2024 and includes an emergency clause to make it effective immediately upon passage and approval.
Sponsors (2)
Last Action
Coauthored by Representative ODonnell (principal House author) (on 02/08/2024)
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=sb1263&Session=2400 |
| Fiscal Note/Analysis - Senate: SB1263 INT FI | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/SB1263%20INT%20FI.PDF |
| Fiscal Note/Analysis - Senate: Introduced | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB1263%20INT%20BILLSUM.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/SB/SB1263%20INT.PDF |
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