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Bill > HB2949
OK HB2949
OK HB2949Revenue and taxation; income tax rates for individuals and other entities; modifying tax rate; reduction; tax collections; further reductions using prescribed formula; effective dates.
summary
Introduced
02/05/2024
02/05/2024
In Committee
03/27/2024
03/27/2024
Crossed Over
03/18/2024
03/18/2024
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 of the 59th Oklahoma Legislature, O.S.L. 2023 (68 O.S. Supp. 2023, Section 2355), which relates to income tax rates for individuals and other entities; modifying income tax rate for designated tax year; providing for reductions in income tax rates based upon certain determination with respect to tax collections; providing for further reductions in income tax rates using prescribed formula; and providing an effective date.
AI Summary
This bill amends the Oklahoma Income Tax Act to modify the income tax rates for individuals and other entities. It provides for a reduction in income tax rates based on certain determinations regarding tax collections, with further reductions using a prescribed formula until the individual income tax rate reaches 3% and is then reduced to 0% over 10 years. The bill also maintains the current 4% tax rate for corporations and certain foreign corporations. The changes made by this bill will be effective for tax years beginning on or after January 1, 2025.
Sponsors (4)
Last Action
Second Reading referred to Rules (on 03/27/2024)
Official Document
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