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Key Votes

HB 2032 - Reduces Certain Income Tax Rates - Key Vote

Oklahoma Key Votes

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Stage Details

Legislation - Signed (Executive) -

Title: Reduces Certain Income Tax Rates

Legislation - Concurrence Vote Passed (House) (59-35) - (Key vote)

Title: Reduces Certain Income Tax Rates

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that reduces the state income tax rate for certain brackets.

Highlights:
  • Reduces the top marginal state income tax rate for single individuals and married individuals filing separately for all tax years beginning on or after January 1, 2015, as follows (Sec. 2):
    • Existing state income tax rates:
      • 0.5 percent on the first $1,000 of income;
      • 1 percent on the next $1,500 of income;
      • 2 percent on the next $1,250 of income;
      • 3 percent on the next $1,150 of income;
      • 4 percent on the next $2,300 of income;
      • 5 percent on the next $1,500 of income; and
      • 5.25 percent on all remaining income.
    • New state income tax rates:
      • 0.5 percent on the first $1,000 of income;
      • 1 percent on the next $1,500 of income;
      • 2 percent on the next $1,250 of income;
      • 3 percent on the next $1,150 of income;
      • 4 percent on the next $2,300 of income; and
      • 5 percent on all remaining income.
  • Reduces the top marginal state income tax rate for married individuals filing jointly for all tax years beginning on or after January 1, 2015, as follows (Sec. 2):
    • Existing state income tax rates:
      • 0.5 percent on the first $2,000 of income;
      • 1 percent on the next $3,000 of income;
      • 2 percent on the next $2,500 of income;
      • 3 percent on the next $2,300 of income;
      • 4 percent on the next $2,400 of income;
      • 5 percent on the next $2,800 of income; and
      • 5.25 percent on all remaining income.
    • New state income tax rates:
      • 0.5 percent on the first $2,000 of income;
      • 1 percent on the next $3,000 of income;
      • 2 percent on the next $2,500 of income;
      • 3 percent on the next $2,300 of income;
      • 4 percent on the next $2,400 of income; and 
      • 5 percent on all remaining income.
  • Reduces the top marginal income tax rate from 5 percent to 4.85 percent for tax years 2016 and after, if the State Board of Equalization determines that the estimated revenue growth in the General Revenue Fund for the next fiscal year will be greater than an estimated loss due to the rate reduction (Secs. 2 & 3).
  • Establishes the “Oklahoma State Capitol Building Repair and Restoration Fund,” to be used for the repair and restoration of the State Capitol building upon the recommendation of the Long-Range Capitol Planning Committee (Sec. 4).
  • Appropriates $60 million annually to the Oklahoma State Capitol Building Repair and Restoration Fund for the 2013 and 2014 fiscal years (Sec. 4).
Note:

NOTE: A BILL WITH AN EMERGENCY CLAUSE REQUIRES A SEPARATE TWO-THIRDS VOTE OF THE LEGISLATURE FOR THE CLAUSE TO PASS. IF THE CLAUSE IS PASSED, THE BILL GOES INTO EFFECT IMMEDIATELY UPON THE GOVERNOR'S SIGNATURE.

Legislation - Bill Passed With Amendment (Senate) (32-14) - (Key vote)

Title: Reduces Certain Income Tax Rates

Vote Smart's Synopsis:

Vote to pass a bill that reduces the state income tax rate for certain brackets.

Highlights:
  • Reduces the top marginal state income tax rate for single individuals and married individuals filing separately for all tax years beginning on or after January 1, 2015, as follows (Sec. 2):
    • Existing state income tax rates:
      • 0.5 percent on the first $1,000 of income;
      • 1 percent on the next $1,500 of income;
      • 2 percent on the next $1,250 of income;
      • 3 percent on the next $1,150 of income;
      • 4 percent on the next $2,300 of income;
      • 5 percent on the next $1,500 of income; and
      • 5.25 percent on all remaining income.
    • New state income tax rates:
      • 0.5 percent on the first $1,000 of income;
      • 1 percent on the next $1,500 of income;
      • 2 percent on the next $1,250 of income;
      • 3 percent on the next $1,150 of income;
      • 4 percent on the next $2,300 of income; and
      • 5 percent on all remaining income.
  • Reduces the top marginal state income tax rate for married individuals filing jointly for all tax years beginning on or after January 1, 2015, as follows (Sec. 2):
    • Existing state income tax rates:
      • 0.5 percent on the first $2,000 of income;
      • 1 percent on the next $3,000 of income;
      • 2 percent on the next $2,500 of income;
      • 3 percent on the next $2,300 of income;
      • 4 percent on the next $2,400 of income;
      • 5 percent on the next $2,800 of income; and
      • 5.25 percent on all remaining income.
    • New state income tax rates:
      • 0.5 percent on the first $2,000 of income;
      • 1 percent on the next $3,000 of income;
      • 2 percent on the next $2,500 of income;
      • 3 percent on the next $2,300 of income;
      • 4 percent on the next $2,400 of income; and 
      • 5 percent on all remaining income.
  • Reduces the top marginal income tax rate from 5 percent to 4.85 percent for tax years 2016 and after, if the State Board of Equalization determines that the estimated revenue growth in the General Revenue Fund for the next fiscal year will be greater than an estimated loss due to the rate reduction (Secs. 2 & 3).
  • Establishes the “Oklahoma State Capitol Building Repair and Restoration Fund,” to be used for the repair and restoration of the State Capitol building upon the recommendation of the Long-Range Capitol Planning Committee (Sec. 4).
  • Appropriates $60 million annually to the Oklahoma State Capitol Building Repair and Restoration Fund for the 2013 and 2014 fiscal years (Sec. 4).
Note:

NOTE: A BILL WITH AN EMERGENCY CLAUSE REQUIRES A SEPARATE TWO-THIRDS VOTE OF THE LEGISLATURE FOR THE CLAUSE TO PASS. IF THE CLAUSE IS PASSED, THE BILL GOES INTO EFFECT IMMEDIATELY UPON THE GOVERNOR'S SIGNATURE.

Legislation - Bill Passed (House) (65-30) - (Key vote)

Title: Reduces Certain Income Tax Rates

Vote Smart's Synopsis:

Vote to pass a bill that reduces the state income tax rate for certain brackets.

Highlights:
  • Amends the state income tax rates for single individuals and married individuals filing separately for all tax years beginning January 1, 2014 as follows (Sec. 1):
    • Current state income tax rates:
      • 0.5 percent on the first $1,000 of income;
      • 1 percent on the next $1,500 of income;
      • 2 percent on the next $1,250 of income;
      • 3 percent on the next $1,150 of income;
      • 4 percent on the next $2,300 of income;
      • 5 percent on the next $1,500 of income; and
      • 5.24 percent on all remaining income.
    • New state income tax rates:
      • 0.5 percent on the first $1,000 of income;
      • 1 percent on the next $1,500 of income;
      • 2 percent on the next $1,250 of income;
      • 3 percent on the next $1,150 of income;
      • 4 percent on the next $2,300 of income; and
      • 5 percent on all remaining income.
  • Amends the state income tax rates for married individuals filing jointly for all tax years beginning January 1, 2014 as follows (Sec. 1):
    • Current state income tax rates:
      • 0.5 percent on the first $2,000 of income;
      • 1 percent on the next $3,000 of income;
      • 2 percent on the next $2,500 of income;
      • 3 percent on the next $2,300 of income;
      • 4 percent on the next $2,400 of income;
      • 5 percent on the next $2,800 of income; and
      • 5.25 percent on all remaining income.
    • New state income tax rates:
      • 0.5 percent on the first $2,000 of income;
      • 1 percent on the next $3,000 of income;
      • 2 percent on the next $2,500 of income;
      • 3 percent on the next $2,300 of income;
      • 4 percent on the next $2,400 of income; and
      • 5 percent on all remaining income.
Legislation - Introduced (House) -

Title: Reduces Certain Income Tax Rates

Sponsors

Co-sponsors

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