OK SB293

Gradually reduces Oklahoma individual income tax rates from 2024 through 2032, with tax rates decreasing annually until elimination in 2032 and beyond.

For tax year 2024, establishes rates of 0.25% to 4.75% for single filers and 0.25% to 4.75% for married filing jointly, declining further each year through 2031.

Tax year 2032 and subsequent years shall impose no income tax on Oklahoma taxable income of any resident or nonresident individual.

Maintains corporate income tax at 4% for taxable years beginning after December 31, 2021.

Eliminates federal income tax deduction for individual taxpayers effective with the 2024 tax year.

Becomes effective November 1, 2025.