OK HB2893

Eliminates a contingent reduction in Oklahoma's top marginal individual income tax rate that would have lowered the rate from 5% to 4.85% based on State Board of Equalization determinations

Repeals Section 2355.1G (from 2014 legislation) which established the implementation mechanism for the contingent top marginal income tax rate reduction

Maintains the current top marginal individual income tax rate at 5% for taxable years beginning on or after January 1, 2016, removing the possibility of the automatic rate decrease

Preserves the existing graduated income tax structure with rates ranging from 0.5% to 5% for individuals and 6% for corporations doing business in Oklahoma

Effective date of November 1, 2016