OK HB2032

Reduces Oklahoma's top marginal individual income tax rate from 5.5% to 5.0% for tax years beginning January 1, 2015, with a further reduction to 4.85% contingent on State Board of Equalization revenue growth determinations

Creates the Oklahoma State Capitol Building Repair and Restoration Fund to receive $60 million in each of fiscal years 2013-2014 and 2014-2015 from income tax revenue for capitol building repairs

Requires the State Board of Equalization to compare estimated General Revenue Fund growth against projected revenue loss from the 0.15% rate reduction at December and February meetings to determine if the 4.85% rate can take effect

Modifies income tax apportionment to include the new Capitol Building Repair and Restoration Fund alongside existing apportionments to the General Revenue Fund, Education Reform Revolving Fund, and Teachers' Retirement System

Effective date of July 1, 2013, with emergency clause for immediate implementation upon passage and approval