HB 2871 Summary

• Modifies Oklahoma individual income tax brackets effective January 1, 2015, changing taxable income thresholds for married couples filing jointly (increases $2,400 bracket to $4,600 and $2,800 bracket to $3,000)

• Removes provisions that would have created a separate tax structure for taxable years beginning on or after January 1, 2015, maintaining the 2008-2014 tax rate structure with contingent rate decreases

• Preserves existing top marginal tax rates of 5.50% for 2008 and 5.25% for 2009 and subsequent years, contingent on State Board of Equalization determinations per Section 2355.1A

• Does not alter tax rates for single filers, nonresident aliens (8%), corporations (6%), foreign corporations (6%), or fiduciary entities

• Effective date: January 1, 2015