OK SB295

Reduces Oklahoma individual income tax rates for tax year 2024 by approximately 1% across all brackets, with top marginal rate of 4.75% instead of 5.25%.

Eliminates all individual income tax for tax year 2025 and subsequent years, allowing no tax imposed on Oklahoma taxable income of any resident or nonresident individual.

Limits corporate income tax to 4% for tax years 2022 through 2024, then eliminates corporate income tax entirely for tax year 2025 and subsequent years.

Restricts banking privilege tax to tax years 2022 through 2024 at 4% rate, with no tax imposed after tax year 2024.

Becomes effective November 1, 2025.