OK SB2013

Amends 68 O.S. 2011, Section 2355 to update the individual income tax structure effective January 1, 2015, reducing top marginal tax rates from 5.50% to 5.25% for 2009+ and further to 4.85% for 2016+ (contingent on State Board of Equalization determination).

Establishes new individual income tax brackets for 2015 and beyond with graduated rates ranging from 0.5% to 5% on various income thresholds, with top rate dropping to 4.85% in tax year 2016 if conditions are met.

Updates corporate income tax reference from previous outdated percentage to 6% tax on Oklahoma taxable income of corporations doing business in the state.

Eliminates deductions for federal income tax paid by taxpayers calculating Oklahoma taxable income.

Effective November 1, 2014, with the new tax rates applying to taxable years beginning January 1, 2015 and thereafter.