OK SB1849

Amends Oklahoma income tax law (68 O.S. 2011, Section 2355) to implement a phased reduction in the top marginal individual income tax rate starting January 1, 2015

Reduces the top tax rate for individuals from 5.25% to 4.75% for tax year 2015, then 4.5% for 2016, 4.25% for 2017, and 4% for 2018 and subsequent years

Eliminates the previously scheduled tax rate reduction to 4.85% that was contingent upon State Board of Equalization certification

Maintains existing graduated tax brackets for lower income levels (0.5% on first $1,000-$2,000, 1% on next tier, etc.) through tax year 2017

Applies the same rate reduction schedule to both single filers and married couples filing jointly/heads of household