Budget & Taxes (Business Taxes)

HB 1267 adjusts Oklahoma's individual income tax rates for tax years beginning in 2024. It lowers the top marginal tax rate from 5.50% to 4.75% for most taxpayers (single filers and married couples filing jointly), creating new tax brackets starting at 0.25% for lower income levels. The bill eliminates deductions for federal income taxes when calculating Oklahoma taxable income. These changes affect all Oklahoma residents and nonresidents filing state income tax returns for 2024 and subsequent years, with the top rate reduction contingent on a State Board of Equalization determination.

SB 100 amends Oklahoma's income tax code to adjust how taxable income is calculated for individuals and corporations. It requires adding interest income from state or local government obligations (not already exempt) to taxable income, while also deducting amounts the state cannot tax due to federal or constitutional restrictions. The bill further modifies how federal net operating loss deductions are calculated, including specific rules for carryovers and allocations based on property location. This directly affects Oklahoma taxpayers and businesses when determining their state tax liability. The changes aim to align Oklahoma tax calculations with federal rules while updating statutory references.

HB 1206 lowers Oklahoma's top individual income tax rate for taxable years beginning in 2024. It reduces the highest marginal rate from 5.50% to 4.75% for most taxpayers, applying to income above specific thresholds (e.g., $2,300 for single filers, $4,600 for married couples filing jointly). The bill affects all Oklahoma residents and nonresidents filing individual income tax returns. It also eliminates the deduction for federal income taxes when calculating taxable income. The new rates take effect January 1, 2024, as specified in Section C of the amended tax code.

SB 292 reduces Oklahoma's top individual income tax rate for tax years beginning January 1, 2024. It lowers the highest marginal rate from 5.50% to 4.75% for single filers and married couples filing jointly (and heads of households) on income above specified thresholds ($2,300 for singles, $2,400 for married couples). This change applies directly to all Oklahoma residents and nonresidents filing individual income tax returns for 2024. The rate reduction is contingent on a determination by the State Board of Equalization, as referenced in the bill's provisions.

SB 322 modifies Oklahoma's individual income tax rates for tax years beginning on or after January 1, 2024. It lowers the top marginal tax rate to 4.75% for single filers (from 5.50%) and adjusts corresponding brackets for married filers filing jointly. The bill affects all Oklahoma residents and nonresidents who file individual income tax returns. This change is contingent on a determination by the State Board of Equalization, as specified in the legislation.