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OK SB304
Bill
AI Summary
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Establishes a flat 4.75% individual income tax rate for tax year 2025 and subsequent years, replacing the current graduated rate structure with brackets ranging from 0.25% to 4.75%
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Increases standard deductions for tax year 2025 and beyond to $13,550 for single/married filing separately, $27,100 for married filing jointly/qualifying widower, and $19,225 for head of household
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Eliminates personal exemptions ($1,000 each for taxpayer, spouse, dependents, blindness, and age 65+) for tax year 2025 and subsequent years, limiting these exemptions to tax year 2024 and prior years only
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Prohibits deduction of federal income taxes paid when calculating Oklahoma taxable income under the new flat tax structure
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Takes effect November 1, 2025, with the tax changes applying beginning with tax year 2025
Legislative Description
Income tax; limiting certain personal exemption to certain tax years; modifying amount of standard deduction for certain tax years. Effective date.
Last Action
Coauthored by Representative(s) Lepak, Maynard
4/17/2025