OK HB1297

Repeals the corporate income tax imposed on corporations doing business in Oklahoma or deriving income from sources within the state (previously 6% tax on Oklahoma taxable income).

Maintains individual income tax rates with graduated brackets ranging from 0.5% to 5.5% (or 5.25% for 2009 and subsequent years), with different brackets for single filers versus married couples/heads of household.

Removes corporate income tax for all taxable years beginning after the effective date (January 1, 2012).

Keeps nonresident alien tax at 8% and foreign corporation tax at 6% on income from Oklahoma sources.

Takes effect January 1, 2012.