Bill > SB98

This bill modifies Oklahoma's state income tax rates and deductions for tax years 2024, 2025, and beyond, focusing primarily on adjusting individual income tax rates and standard deductions. For tax year 2024, the bill reduces income tax rates across all filing categories, with rates ranging from 0.25% to 4.75% depending on income level. For tax year 2025 and subsequent years, the bill establishes a flat 4.75% income tax rate for all individual taxpayers. The bill also adjusts standard deductions, increasing them significantly for tax year 2025 - for example, raising the standard deduction for single filers from $6,350 to $14,000 and for married couples filing jointly from $12,700 to $28,000. For tax years after 2026, the standard deduction would be reduced by $1,000 to $2,000 compared to the federal standard deduction. The bill maintains previous provisions regarding personal exemptions for the 2024 tax year and includes an emergency clause to ensure immediate implementation upon passage. The changes aim to modify Oklahoma's income tax structure, potentially providing tax relief for many residents by lowering rates and increasing standard deductions.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb98&Session=2600