HB1009

Oklahoma HB1009 amends income tax rates for individuals, trusts, estates, and corporations, effective January 1, 2025.

Oklahoma HB1009 modifies the state's income tax rates for individuals, trusts, estates, and corporations. For individuals, the bill introduces a tiered tax rate system, with rates ranging from 0.25% to 4.75% based on income brackets. For trusts and estates, the tax rates are set at 1% to 10%. Corporations face a tax rate of 4% for taxable years beginning after December 31, 2021. The bill also specifies that the tax rates will be reduced progressively until they reach zero. The changes are set to take effect on January 1, 2025.