Income tax; modifying certain income tax rate for certain tax years. Effective date.

SB 308 lowers Oklahoma's top individual income tax rate for tax years beginning in 2024. It reduces the top marginal rate from 5.50% to 4.75% for both single filers and married couples filing jointly (with some brackets adjusted). This change directly affects most Oklahoma residents and nonresidents who pay state income tax under these filing statuses. The bill updates the tax code to reflect this rate reduction, effective for 2024 tax returns and beyond.