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.

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.