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OK HB3066
Bill
Status
2/1/2016
Primary Sponsor
Tom Newell
Click for details
AI Summary
HB 3066 Summary
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Implements periodic decreases in Oklahoma's top marginal income tax rates for individuals and married couples filing jointly from 2016 through 2024.
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For single individuals and married filing separately: top marginal rate decreases from 5% (2016) to 3% (2024) in incremental steps of 0.25% per year.
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For married filing jointly and heads of household: top marginal rate decreases from 5% (2016) to 3% (2024) in incremental steps of 0.25% per year.
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Eliminates contingent top marginal income tax rate reductions by repealing Sections 2355.1F and 2355.1G from prior law.
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Effective date: November 1, 2016.
Legislative Description
Income tax; top marginal rates; decreasing certain rates; eliminating certain contingent reduction; effective date.
Last Action
Second Reading referred to Rules
2/2/2016