Vote Smart's Synopsis:

Vote to pass a bill that reduces personal income tax.

Highlights:

• Establishes for taxable years beginning on or after January 1, 2022, there will be allowed as a deduction from the Oklahoma taxable income amount computed or from the amount of income subject to the levy of tax imposed for any corporation subject to the levy of income tax imposed in the following amounts (Sec. 1):

• 20 percent of the total Oklahoma taxable income amount for a taxable year beginning after December 31, 2021, and before January 1, 2023;

• 40 percent of the total Oklahoma taxable income amount for a taxable year beginning after December 31, 2022, and before January 1, 2024;

• 60 percent of the total Oklahoma taxable income amount for a taxable year beginning after December 31, 2023, and before January 1, 2025;

• 80 percent of the total Oklahoma taxable income amount for a taxable year beginning after December 31, 2024, and before January 1, 2026; and

• 100 percent of the total Oklahoma taxable income amount for any taxable year beginning on or after January 1, 2026.

• Alleges it is the intent of the Legislature to make modifications to offset potential revenue losses, should they occur, reasonably attributable to the reduction of Oklahoma taxable income amounts for corporations and to provide a system to ensure that revenues apportioned to the Education Reform Revolving Fund, the Teachers' Retirement System, and the Ad Valorem Reimbursement Fund are not adversely affected (Sec. 2).

Full Bill Text