Oklahoma House Speaker Charles McCall, R-Atoka, has filed multiple pieces of legislation regarding personal income tax cuts ahead of the upcoming session of the Oklahoma Legislature. The bills are the latest in a series of tax cut plans that the House has filed and passed throughout the last three years.
“Everyday Oklahomans continue to feel the effects of destructive federal economic policies on their wallet, and they desperately need relief,” McCall said. “The House has passed numerous tax cut bills to the Senate during multiple regular and special sessions throughout the last three years, and these new bills represent our latest attempt to get meaningful tax cuts passed and to the governor’s desk. Our state is in a strong position both economically and in regards to savings, so now is the perfect time to pass tax cuts and let the citizens of Oklahoma keep more of their hard-earned money.”
The bills filed by McCall are:
- HB 2948 – Corporate income tax phase out over five years.
- HB 2949 – Flat rate 4.25% personal income tax effective Jan. 1, 2024; rate imposed on taxable income amounts above specific figures based on filing status.
- HB 2950 – .25% personal income tax decrease effective Jan. 1, 2024, and following tax years.
- HB 2951 – .25% personal income tax decrease for 2024 and 2025, with rates to restore to current level (current rates and brackets) for 2026, and following tax years.
- HB 2952 – .50% personal income tax decrease for 2024 and 2025, with rates to restore to current level (current rates and brackets) for 2026, and following tax years.
Previous tax cut legislation that has been passed by the House and is currently awaiting action in the Senate is:
- HB 1953 – As amended – eliminates the current standard deductions and changes the personal income taxing framework from a bracket based system to a flat rate system. For tax year 2024 and 2025, sets the flat rate at 4.25%, with the rate imposed on taxable income amounts above specific figures based on filing status.
- HB 1954 – .50% personal income tax decrease effective Jan. 1, 2024, and following tax years.
The second regular session of the 59th Oklahoma Legislature convenes on Monday, Feb. 5, 2024
