OK SB1073

Amends Oklahoma's individual income tax structure to establish procedures for implementing a 5% top marginal rate, contingent upon State Board of Equalization findings at December and February meetings that estimated General Revenue Fund growth exceeds the estimated revenue reduction from the rate cut plus a 5% cushion

Creates a mechanism to further reduce the top marginal rate from 5% to 4.85% once the 5% rate is in effect, requiring General Revenue Fund growth to exceed the estimated revenue reduction plus a 3% cushion

Voids any authorized tax rate reduction if a revenue failure is declared pursuant to the Oklahoma Constitution during the fiscal year the rate would become effective

Requires taxpayers to add back any state and local sales or income taxes deducted on federal returns under IRC Section 164 to their Oklahoma taxable income, beginning January 1, 2016

Declared an emergency measure to take effect immediately upon passage and approval