Oklahoma SB1302 eliminates certain certification requirements for income tax rate reductions and updates tax rates.

Oklahoma SB1302 amends the state's income tax code by eliminating the requirement for the State Board of Equalization to certify that revenue estimates are met before tax rate reductions can take effect. The bill also updates the income tax rates for individuals and corporations. For individuals, the bill sets specific tax brackets and rates for different income levels. For corporations, it imposes a flat tax rate of 4%. The changes are set to become effective November 1, 2026.

Oklahoma SB1302 eliminates certain certification requirements for income tax rate reductions and updates tax rates.

Oklahoma SB1302 amends the state's income tax code by eliminating the requirement for the State Board of Equalization to certify that revenue estimates are met before tax rate reductions can take effect. The bill also updates the income tax rates for individuals and corporations. For individuals, the bill sets specific tax brackets and rates for different income levels. For corporations, it imposes a flat tax rate of 4%. The changes are set to become effective November 1, 2026.