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OK HB3068
Bill
Status
2/6/2012
Primary Sponsor
Marty Quinn
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AI Summary
HB3068 Bill Summary
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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
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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
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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
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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
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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