OK HB2649

Amends Oklahoma's individual income tax code to gradually reduce tax rates for all income brackets between 2013 and 2028.

Eliminates the contingent income tax rate reduction that was previously tied to budget conditions, replacing it with a fixed schedule of declining rates.

Reduces top marginal individual income tax rates from 5.25% (in 2008-2012) to eventual elimination, with rates decreasing yearly through 2028.

Repeals Section 2355.1A of Oklahoma Statutes, which contained the contingent rate reduction mechanism.

Establishes the effective date as January 1, 2013, implementing the first phase of scheduled income tax rate reductions.