Senate Bill 1 Summary

• Requires the State Board of Equalization to certify in February 2026 and annually thereafter whether tax collections exceed fiscal year 2024 collections by $400 million or more in growth (adjusted for inflation every 10 years starting July 1, 2035).

• Reduces Oklahoma individual income tax rates beginning January 1, 2025: top marginal rates decrease from 5.25% to 4.75% for singles and married filing jointly, with proportional reductions across all tax brackets.

• Automatically reduces marginal tax rates by 0.25 percentage points for each subsequent year that certified growth exceeds the $400 million threshold, continuing until rates reach zero percent.

• Prohibits tax rate reductions if a revenue failure is declared before the end of the calendar year in which the Board makes its certification, deferring any reduction until a subsequent certification is made.

• Declares an emergency, making the act effective immediately upon passage and approval.