OK HB2764

Reduces Oklahoma's top individual income tax rate from 4.75% to 4.5% beginning in tax year 2026, with a new simplified four-bracket structure that includes a 0% rate on the first $3,750 (single) or $7,500 (married filing jointly)

Creates an automatic income tax rate reduction mechanism where rates decrease by 0.25 percentage points each year when comparison year total collections exceed base year total collections plus the income tax rate reduction threshold, continuing until rates reach 0%

Requires the State Board of Equalization to make preliminary certifications at December meetings (starting December 2026) and final determinations at February meetings regarding whether revenue thresholds are met to trigger rate reductions

Blocks income tax rate reductions if a revenue failure is declared before the end of the calendar year in which the Board makes its certification

Mandates the State Board of Equalization conduct practice analyses at its December 2025 and February 2026 meetings to establish procedures before the revenue trigger mechanism takes effect