Senate Bill 305 - Summary

• Reduces Oklahoma individual income tax rates for tax year 2024: top marginal rate drops from 5.25% to 4.75% for single filers and married filing jointly; lower brackets reduced by 1 percentage point each.

• Eliminates all state income tax on residents and nonresidents starting in tax year 2025 and beyond.

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

• Updates statutory references and language throughout the income tax code to reflect the new rate structure and tax elimination.

• Becomes effective November 1, 2025.