OK SB471

Amends Oklahoma income tax law (68 O.S. 2011, Section 2355) to modify individual income tax rates for tax years beginning January 1, 2014 and thereafter.

Establishes a tiered tax rate reduction schedule for single filers and married couples filing jointly, starting at 5.15% top marginal rate in 2014 and declining annually to 4.25% by 2023 and all subsequent years.

Tax rate reductions occur across multiple years: 2014 (5.15%), 2015 (5.05%), 2016 (4.95%), 2017 (4.85%), 2018 (4.75%), 2019 (4.65%), 2020 (4.55%), 2021 (4.45%), 2022 (4.35%), 2023+ (4.25%).

Maintains existing tax brackets and rates for lower income levels while only modifying the top marginal rate applied to income above specified thresholds.

Becomes effective November 1, 2013.