Bill > SB2156

This bill modifies Oklahoma's income tax structure by adjusting tax rates for certain years and removing specific responsibilities from the State Board of Equalization, which is a state agency responsible for overseeing property tax assessments and other fiscal matters. Specifically, for tax years 2024 and 2025, the bill establishes a new set of lower tax brackets and rates for individuals, including single filers, married couples filing jointly, surviving spouses, and heads of households, and eliminates the deduction for federal income taxes paid for these years. Furthermore, for tax year 2026 and subsequent years, the bill eliminates income tax entirely for all resident and nonresident individuals, meaning no tax will be imposed on their Oklahoma taxable income. The bill also makes conforming changes to tax provisions for nonresident aliens, corporations, certain foreign corporations, and fiduciaries, and updates references to the Internal Revenue Code of 1986, as amended, which is the federal tax law. The changes are set to take effect on November 1, 2026.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb2156&Session=2600