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OK SB1302
Bill
AI Summary
- Eliminates the automatic income tax rate reduction trigger mechanism that was tied to State Board of Equalization certification of revenue growth exceeding specified thresholds
- Removes the requirement for the State Board of Equalization to make preliminary and final certifications at December and February meetings regarding whether revenue collections exceeded base year totals plus the income tax rate reduction threshold
- Strikes provisions that would have reduced individual income tax rates by 0.25 percentage points each time comparison year total collections exceeded base year collections plus the threshold, until rates reached zero percent
- Maintains the current individual income tax rate structure for tax year 2026 and beyond at 0%, 2.5%, 3.5%, and 4.5% brackets without the automatic reduction mechanism
- Effective date: November 1, 2026
Legislative Description
Income tax; eliminating certain certification requirement; eliminating requirement to reduce tax rates upon certain certification. Effective date.
Last Action
Failed in Committee - Revenue and Taxation
2/16/2026
Committee Referrals
Revenue and Taxation2/3/2026
Full Bill Text
No bill text available