Vote Smart's Synopsis:

Vote to pass a bill that reduces the personal income tax rate and repeals certain individual and business tax credits.

Highlights:

• Reduces the maximum personal income tax rate from 5.25 percent to 4.75 percent for taxable years beginning January 1, 2015 (Sec. 3).

• Repeals individual and business tax credits for taxable years beginning January 1, 2015, including but not limited to the following (Secs. 8, 9, 13, 22):
• Tax credit for the sale of property designated as a National Historic Landmark to the state; 
• Tax credit for employer expenses in connection with the provision of childcare services;
• Tax credit for sums used to fund the immunization of employees against Hepatitis A by operators of food service establishments; and
• Tax credit for electric motor vehicle manufacturers.

• Reduces the maximum federal adjusted gross income level to receive a tax credit for childcare expenses from $100,000 to $50,000 beginning January 1, 2015 (Sec. 4).

• Prohibits personal tax exemptions for taxpayers that claim less than 4 personal exemptions and that meet 1 of the following conditions for taxable years beginning January 1, 2015 (Sec. 23):
• The Oklahoma adjusted gross income exceeds $35,000 for a single individual or married individual filing separately; or
• The Oklahoma adjusted gross income exceeds $70,000 for a married individual filing jointly or a surviving spouse filing jointly.  

• Authorizes an itemized deduction of 80 percent of total itemized deductions claimed on the federal income tax return for taxpayers who meet the following conditions for taxable years beginning January 1, 2015 (Sec. 23):
• The federal adjusted gross income exceeds $100,000 for a single individual or a married individual filing separately; or
• The federal adjusted gross income exceeds $200,000 for a married individual filing jointly, a surviving spouse filing jointly or a head of household.

Full Bill Text