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OK SB1571

Bill

Status

Engrossed

3/13/2012

Primary Sponsor

Leslie Osborn

Click for details

Origin

Senate

2012 Regular Session

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

Committee Referrals

Appropriations and Budget3/19/2012
Finance2/7/2012

Full Bill Text

No bill text available