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OK SB1572

Bill

Official Source

Status

Introduced

2/6/2012

Primary Sponsor

Dan Newberry

Click for details

Origin

Senate

2012 Regular Session

AI Summary

  • Reduces Oklahoma's top marginal individual income tax rate from 5.25% to 2.25% beginning January 1, 2013

  • Implements phased reductions in top tax rate from 2.25% in 2013 down to 0.0% by 2022 and subsequent years

  • Eliminates all tax credits, deductions, exemptions and exclusions for personal/individual income tax starting January 1, 2013

  • Removes credit for taxes paid to other states and credit based on federal child care/child tax credit amounts

  • Effective date is January 1, 2013

Legislative Description

Income tax; modifying tax rates for specified years; eliminating certain tax preferences after specified date. Effective date.

Revenue and Taxation

Last Action

Second Reading referred to Finance

2/7/2012

Committee Referrals

Finance2/7/2012

Full Bill Text

No bill text available