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SB 304 - Amends and Replaces Oklahoma's Graduated Bracket System for Individual Income Taxes with a 4.75% Flat Tax Starting in 2025 - Oklahoma Key Vote

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Title: Amends and Replaces Oklahoma's Graduated Bracket System for Individual Income Taxes with a 4.75% Flat Tax Starting in 2025

Vote Smart's Synopsis:

Vote to pass a bill that amends and replaces Oklahoma's graduated bracket system for individual income taxes with a 4.75% flat tax starting in tax year 2025.

Highlights:

  • Amends and replaces Oklahoma's graduated bracket system for individual income taxes with a 4.75% flat tax starting in tax year 2025 (Sec. 1-2).

  • Repeals personal exemptions and increases the standard deduction to $13,550 for single filers, $27,100 for joint filers, and $19,225 for heads of households (Sec. 1-2).

  • Specifies that the provisions of this bill shall take effect beginning November 1, 2025 (Sec. 3).

Full Bill Text

Title: Amends and Replaces Oklahoma's Graduated Bracket System for Individual Income Taxes with a 4.75% Flat Tax Starting in 2025

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