House Bill 2698 - Summary

• Modifies Oklahoma income tax rates for individuals, decreasing the top marginal rate from 5.25% to 4.85% starting in 2016, contingent upon State Board of Equalization revenue determinations.

• Adjusts apportionment of income tax revenue to various state funds, including modifications to distributions to the General Revenue Fund, Education Reform Revolving Fund, and Teachers' Retirement System Dedicated Revenue Revolving Fund.

• Repeals Section 2355.1E and creates new Section 2355.1F establishing a process for the State Board of Equalization to evaluate revenue growth and determine whether conditions support implementing the lower 4.85% top marginal tax rate.

• Expands individual income tax provisions to apply to taxable years beginning January 1, 2015 and beyond, with rate reductions contingent on baseline revenue thresholds being met.

• Declares an emergency effective upon passage and approval.