Loading chat...
OK SB1571
Bill
Status
3/13/2012
Primary Sponsor
Leslie Osborn
Click for details
AI Summary
-
Modifies Oklahoma individual income tax rates, establishing a tiered system that reduces from current levels to eventual elimination by 2022, with specific rates for tax years 2013-2021 ranging from 2.5% down to 0.5%
-
Creates new sales tax allocations beginning July 1, 2013, directing 1% of sales tax revenue to the Ad Valorem Reimbursement Fund while adjusting General Revenue Fund percentages from 83.61% (FY 2008-2013) to 82.61% (FY 2014 and thereafter)
-
Establishes a standard deduction floor for tax-exempt individuals beginning January 1, 2013: $8,700 for single filers and $15,000 for married filing jointly and heads of household
-
Eliminates most individual tax credits, deductions, exemptions and exclusions for tax year 2013 onward, with limited exceptions for specific provisions in Section 2358 of Oklahoma statutes
-
Effective date: January 1, 2013
Legislative Description
Income tax; modifying rates for specific time periods; limiting ability to claim certain tax preferences. Effective date.
Revenue and Taxation
Last Action
Enacting clause stricken
4/5/2012