SB1856

Oklahoma SB1856 mandates a reduction in individual income tax rates if collections exceed prior year totals by specified amounts.

Oklahoma SB1856 requires the State Board of Equalization to reduce individual income tax rates if collections exceed prior year totals by at least $200 million. The reduction is 0.25% for excess collections between $200 million and $300 million, 0.375% for excess collections between $300 million and $500 million, and 0.50% for excess collections over $500 million. The reduction applies to all taxpayers and continues until the applicable rate reaches zero percent. The bill also updates statutory references and sets an effective date for the tax rate reductions.