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OK SB957

Bill

Official Source

Status

Introduced

2/1/2016

Primary Sponsor

Jadine Nollan

Click for details

Origin

Senate

2016 Regular Session

AI Summary

  • Amends the methodology for implementing Oklahoma's 4.85% top marginal individual income tax rate, which is contingent on State Board of Equalization revenue determinations
  • Requires the Board to compare estimated General Revenue Fund growth against the projected revenue reduction from a 0.15% rate decrease plus 4% of the revised General Revenue Fund estimate
  • Establishes a two-step process with preliminary findings at December meetings and final determinations at subsequent February meetings
  • Once the 4.85% rate is implemented, it remains in effect permanently for all subsequent tax years
  • Effective date: November 1, 2016

Legislative Description

Income tax rates; modifying methodology used to make certain determination. Effective date.

Last Action

coauthored by Allen

2/11/2016

Committee Referrals

Finance2/2/2016

Full Bill Text

No bill text available