Oklahoma HB1539 amends income tax rates and establishes a mechanism for their reduction based on revenue growth.
Oklahoma HB1539 revises the state's individual income tax rates, introducing new brackets for different income levels and filing statuses. It also sets a procedure for reducing these rates if certain revenue conditions are met. Specifically, the bill mandates a decrease in tax rates if the State Board of Equalization determines that total revenue collections have increased by at least $300 million compared to a base year. This reduction is incremental, occurring in 0.25% increments, and applies to all applicable income tax years until the rates reach zero.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.