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OK HB3068

Bill

Status

Introduced

2/6/2012

Primary Sponsor

Marty Quinn

Click for details

Origin

House of Representatives

2012 Regular Session

AI Summary

HB3068 Bill Summary

  • Amends Oklahoma income tax rates (68 O.S. § 2355) by establishing a series of stepped tax rate reductions for individuals from 2008 through 2021, with top marginal rates decreasing from 5.5% to 3% for single filers and from 5.5% to 3% for joint filers

  • Creates new contingency mechanism requiring State Board of Equalization to determine annually (starting December 2012) whether General Revenue Fund growth exceeds 6% to authorize implementation of successive income tax reductions

  • Repeals prior contingent income tax rate statute (68 O.S. § 2355.1A) and replaces it with new § 2355.1E establishing the revenue growth comparison methodology for tax rate implementation

  • Schedules specific effective tax rates for tax years 2013-2021, with reductions occurring only if revenue growth threshold is met in preceding years, creating conditional rather than automatic tax decreases

  • Effective January 1, 2013

Legislative Description

Revenue and taxation; creating contingent income tax rate for certain years; effective date.

Revenue and Taxation

Last Action

Title stricken

2/23/2012

Committee Referrals

Appropriations and Budget2/7/2012

Full Bill Text

No bill text available