Senate Bill 169 Summary

• Amends Oklahoma income tax rates for individuals starting January 1, 2016, establishing a phased reduction schedule through 2036 for the top marginal rate.

• For tax years 2016-2025, top individual income tax rate begins at 5% or 4.85% (depending on State Board of Equalization determination) and decreases by 0.1% annually until reaching 4.1%.

• For tax years 2026-2035, top individual income tax rate begins at 4% and decreases by 0.1% annually until reaching 3.1%.

• For tax years 2036 and beyond, establishes a flat 3% top marginal individual income tax rate with lower brackets remaining unchanged.

• Repeals Section 2355.1G (2014) relating to prior State Board of Equalization tax rate modification authority and deletes obsolete references to previous rate adjustment provisions.