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OK HB2692
Bill
Status
2/1/2016
Primary Sponsor
David Brumbaugh
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AI Summary
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Enacts the "Economic Diversification Act" to implement scheduled annual reductions in Oklahoma's top marginal individual income tax rate from 5% in 2016 down to 3% by 2024 and thereafter
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Reduces the top rate by 0.25 percentage points each year: 4.75% (2017), 4.50% (2018), 4.25% (2019), 4% (2020), 3.75% (2021), 3.50% (2022), 3.25% (2023), and 3% (2024+)
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Applies the same graduated rate reduction schedule to both single filers and married couples filing jointly/heads of household
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Eliminates the existing contingent top marginal income tax rate reduction that required State Board of Equalization approval, replacing it with automatic annual decreases
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Repeals Sections 2355.1F and 2355.1G related to contingent tax rate reductions, with an effective date of November 1, 2016
Legislative Description
Income tax; Economic Diversification Act; top marginal rates; decreasing certain rates; eliminating certain contingent reduction; effective date.
Last Action
Second Reading referred to Appropriations and Budget
2/2/2016