Oklahoma HB1009 modifies income tax rates for individuals and corporations, effective January 1, 2025.
Oklahoma HB1009 amends the state's income tax rates, introducing a progressive tax structure for individuals and corporations. For individuals, the bill sets specific tax brackets with rates ranging from 0.25% to 10%. For corporations, the bill outlines a phased reduction in tax rates, aiming for a zero tax rate over time. The bill also details withholding and reporting requirements for payers and specifies the effective date as January 1, 2025.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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