HB 1551 Summary

• Amends 68 O.S. 2011, Section 2355 to modify Oklahoma individual income tax rates effective January 1, 2014

• For married individuals filing jointly and heads of households: increases the income bracket subject to the 4% tax rate from $2,400 to $4,600 and increases the 5% tax bracket from $2,800 to $3,000

• Maintains existing tax rates for single individuals and married individuals filing separately with no changes to their income brackets

• Eliminates the choice between two tax computation methods (Methods 1 and 2) for taxable years beginning on or after January 1, 2014

• Becomes effective January 1, 2014