OK SB70

Modifies Oklahoma individual income tax rates for taxable years beginning January 1, 2012, introducing a graduated system with rates ranging from 0.5% to 5.5%, with potential reductions down to 4.25% contingent on State Board of Equalization determinations.

Establishes automatic tax rate reductions for top marginal rates (from 5.5% down to 4.25%) that occur incrementally each year if conditions are met, applicable to both single filers and married couples filing jointly.

Maintains existing tax rates for the 2008-2011 tax years at 5.5% top rate (or 5.25% for 2009 and beyond if contingency is met) before the new 2012 rate structure takes effect.

Preserves tax rates for prior years (before 2008) with historical provisions allowing deductions for federal income taxes and maintaining different methods for taxpayers based on filing status and federal tax deduction elections.

Effective date of November 1, 2011.