OK HB1539

Reduces Oklahoma individual income tax rates by 0.25% across all brackets for taxable years beginning January 1, 2024, lowering the top marginal rate from 4.75% to 4.50%

Establishes automatic future rate reductions of 0.25% per bracket when state revenue collections increase by at least $300 million above the base year amount (fiscal year ending June 30, 2023)

Requires the State Board of Equalization to certify revenue growth at its December meeting each year, with any triggered rate reduction taking effect the following January 1

Eliminates the federal income tax deduction for taxpayers using the new rate structure

Continues rate reductions until all individual income tax rates reach zero, with the base year amount adjusted upward by $300 million plus any excess revenue after each triggered reduction