OK HB2764

Reduces Oklahoma individual income tax rates beginning in tax year 2026, with top marginal rate dropping from 4.75% to 4.5% and a new 0% bracket on the first $3,750 (single) or $7,500 (married filing jointly)

Establishes a revenue trigger mechanism requiring the State Board of Equalization to certify at December and February meetings whether total state tax collections exceed the highest prior year's collections plus 125% of the estimated revenue loss from the rate cut

Authorizes automatic 0.25 percentage point reductions in all individual income tax brackets each year the revenue trigger is met, continuing until rates reach zero percent

Prohibits scheduled tax rate reductions from taking effect if a revenue failure is declared or if revenues during the first 5.5 months of fiscal year 2027 fall below 95% of the February 2026 estimate

Becomes effective November 1, 2025, with the State Board of Equalization required to conduct practice revenue analyses at its December 2025 and February 2026 meetings to establish procedures