Bill > SB1302

This bill eliminates certain certification requirements and income tax rate reduction mechanisms previously established in Oklahoma state law. Specifically, the bill removes the State Board of Equalization's obligation to certify and track revenue from oil, natural gas, and corporate income taxes for potential automatic tax rate reductions. The legislation effectively eliminates the complex process that would have automatically reduced income tax rates based on revenue collection thresholds. For individuals, the bill maintains the previously established income tax rates for 2024 and 2025 at 4.75% for the highest tax bracket, and preserves the 4.5% top tax rate for 2026 and subsequent years without the previously proposed mechanism for further automatic reductions. The bill also makes some technical changes to renumber and reorganize sections of the tax code. The changes will take effect on November 1, 2026, providing clarity and stability to the state's income tax structure by removing conditional rate reduction triggers that were contingent on specific revenue collection benchmarks.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1302&Session=2600