HB 1598 Summary

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

• Reduces the top marginal income tax rate from 5.25% to 5% for both single filers and married filing jointly filers for tax years beginning on or after January 1, 2014.

• Eliminates the contingent income tax rate provision that previously tied rate reductions to State Board of Equalization determinations under Section 2355.1A.

• Maintains simplified tax brackets for single individuals and married couples filing jointly, with graduated rates ranging from 0.5% to 5% on different income levels.

• Effective date: January 1, 2014.