SB8 Summary

• Amends income tax provisions (68 O.S. Supp. 2010, Section 2355.1A) governing implementation of a 5.25% top marginal income tax rate that is contingent on revenue growth determinations by the State Board of Equalization.

• Changes the February meeting requirement from February 2009 to February 2012 for the Board's revenue comparison and rate implementation decision.

• Modifies the baseline calculation for measuring revenue loss, replacing the standard deduction impact analysis with an inflation-adjusted actual revenue figure from fiscal year 2008 using the Consumer Price Index.

• Simplifies the process by eliminating the December preliminary finding requirement and consolidating the two-step determination into a single analysis framework.

• Becomes effective January 1, 2012, allowing the income tax rate reduction to proceed based on revised revenue growth benchmarks and inflation-adjusted baseline amounts.