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OK HB3291
Bill
Status
2/3/2014
Primary Sponsor
Leslie Osborn
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AI Summary
HB 3291 Summary
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Modifies Oklahoma individual income tax rates by reducing the top marginal rate from 5.50% to 4.75% starting in 2015, with further reductions to 4.50% (2016), 4.25% (2017), and 4.00% (2018 and thereafter).
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Applies new tax rates to both single individuals/married filing separately and married filing jointly/heads of household filing statuses.
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Changes the applicability period for income tax provisions from ending December 31, 2014 to beginning January 1, 2015, extending indefinitely.
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Repeals Section 3, Chapter 253, O.S.L. 2013 (Section 2355.1E), which previously required State Board of Equalization revenue estimates to trigger tax rate reductions.
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Becomes effective January 1, 2015.
Legislative Description
Revenue and taxation; amendments made by Enrolled House Bill No. 2032 of the 1st Session of the 54th Oklahoma Legislature; income tax rates; repealer; effective date.
Revenue and Taxation
Last Action
Second Reading referred to Appropriations and Budget
2/4/2014