OK HB1267

Creates new individual income tax rates for tax years beginning January 1, 2024 through December 31, 2025, reducing top marginal rate to 4.75% with lower rates on lower income brackets and eliminating federal income tax deduction.

Implements 0% tax on first $1,000-$1,500 of income (depending on filing status) for tax years beginning January 1, 2026 forward, with top marginal rate remaining at 4.75%.

Eliminates the federal income tax deduction for all individuals under the new rate structures in sections C and D.

Maintains existing corporate tax rate of 4% and nonresident alien/foreign corporation tax rates at 8% and 4% respectively.

Effective date: November 1, 2025.