OK HB3061

Creates the "Oklahoma Tax Reduction and Simplification Act" establishing tiered individual income tax rates of 0%, 2.25%, and 3.5% for tax years 2013-2014, with potential automatic reductions based on state revenue growth exceeding 5%.

Authorizes the State Board of Equalization to reduce individual income tax rates by 0.25% increments annually if General Revenue Fund growth meets specified thresholds, eventually allowing rates to decrease to zero.

Eliminates multiple individual income tax credits and deductions including child care credits, manufacturing establishment credits, and various other tax incentives effective for specified tax years.

Makes corresponding amendments to Oklahoma Income Tax Code definitions, fiduciary tax treatment, and tax rate tables to conform with new tiered rate structure.

Becomes effective January 1, 2013, with extensive repeal provisions eliminating numerous prior tax credit and incentive sections.