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OK HB3038
Bill
Status
3/19/2012
Primary Sponsor
Don Armes
Click for details
AI Summary
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Reduces individual income tax rates from 5.25% to 0.00% over ten years (2013-2022), with rates declining annually until reaching zero percent by the 2022 tax year.
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Eliminates deductions for federal income taxes paid and personal exemptions for individuals, while maintaining certain retirement benefit and Social Security income exemptions with adjusted gross income limitations.
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Prohibits pass-through entities (partnerships, S-corporations, LLCs) from allocating tax credits to members or shareholders beginning January 1, 2013.
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Increases apportionment to Teachers' Retirement System Dedicated Revenue Revolving Fund from 5.0% to 6.5% of sales tax revenue beginning FY 2014.
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Allocates 0.5%-0.75% of sales tax revenue to the Ad Valorem Reimbursement Fund in FY 2014-2018 and thereafter to offset property tax impacts.
Legislative Description
Revenue and taxation; individual income tax; rates; reductions; deductions and exemptions; tax credits; sales tax revenue apportionment; effective dates.
Revenue and Taxation
Last Action
SCs named Jolley, Bingman, Schulz, Johnson (Rob), Wilson, Burrage
5/23/2012