Bill
Bill > HB2951
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 revenue and taxation; amending 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 individual income tax rates; prescribing individual income tax rates for designated taxable years; and providing an effective date.
AI Summary
This bill amends the Oklahoma individual income tax rates for taxable years beginning on or after January 1, 2024 and ending not later than December 31, 2025. It reduces the top marginal tax rate from 4.75% to 4.50% for single individuals, married individuals filing separately, and certain other filers. For taxable years beginning on or after January 1, 2026, the bill reinstates the previous tax rates. The bill also clarifies the tax rates for fiduciaries and provides an effective date of January 1, 2024.
Sponsors (1)
Last Action
Second Reading referred to Rules (on 02/06/2024)
Bill Topics
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2951&Session=2400 | 12/20/2023 |
| Fiscal Note/Analysis - House: Introduced | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/BILLSUM/House/HB2951%20INT%20BILLSUM.PDF | 02/07/2024 |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/hB/HB2951%20INT.PDF | 12/20/2023 |
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