Revenue and taxation; income tax; rate; effective date.

HB 1206 amends Oklahoma's individual income tax code to lower tax rates for all taxable years beginning in 2024. It reduces rates across all income brackets - for example, lowering the top rate for single filers from 5.50% to 4.75% on income above certain thresholds, with similar reductions for married filers. The bill also eliminates the deduction for federal income taxes paid when calculating taxable income. This affects all Oklahoma residents and nonresidents filing individual income tax returns. The changes take effect for tax years starting in 2024.