Oklahoma 2023 Regular Session

Oklahoma House Bill HB2087

Introduced
2/6/23  

Caption

Revenue and taxation; income tax rates; revenue conditions; rate reduction; computation of revenue; procedures; effective date.

Impact

If enacted, HB2087 will have significant implications on state tax revenues and the overall financial landscape for Oklahoma residents. By lowering income tax rates starting January 1, 2024, the bill is intended to alleviate the tax burden on individuals and promote economic opportunities. This reform seeks to adjust how taxes are calculated based on the defined income brackets, potentially increasing disposable income for many taxpayers and stimulating local economic activity.

Summary

House Bill 2087 aims to amend aspects of income taxation in Oklahoma by reducing certain income tax rates for individuals and entities. It establishes a new income tax structure that progressively lowers tax rates for different income brackets, compelling the State Board of Equalization to review revenue growth conditions periodically. The bill defines effective procedures for determining revenue growth and the corresponding tax adjustments, inviting adjustments based on fiscal performance.

Contention

Notable points of contention around HB2087 include concerns regarding its fiscal effects on state resources and essential services. Critics argue that drastic tax cuts could undermine funding for public schools, healthcare, and other vital services, while proponents assert that the anticipated growth in revenue from a stimulated economy will offset initial decreases. The effectiveness of the tax reductions will depend on ongoing assessments by the State Board of Equalization, which will assess whether revenue growth justifies further tax reductions in subsequent years.

Companion Bills

No companion bills found.

Previously Filed As

OK HB2087

Revenue and taxation; income tax rates; revenue conditions; rate reduction; computation of revenue; procedures; effective date.

OK HB1001

Revenue and taxation; individual income tax; rate reductions; revenue computations; further rate reductions; effective date.

OK HB3674

Revenue and taxation; individual income tax; rates; State Board of Equalization; revenue computations; reductions; threshold tax rate; further reductions; effective date.

OK HB1954

Revenue and taxation; income tax rates; effective date.

OK HB1954

Revenue and taxation; income tax rates; effective date.

OK HB1002

Revenue and taxation; income tax; rate reductions; effective date.

OK HB2021

Revenue and taxation; income tax; rates; brackets; effective date.

OK HB2021

Revenue and taxation; income tax; rates; brackets; effective date.

OK HB1953

Revenue and taxation; income tax; income tax rates; effective date.

OK HB1953

Revenue and taxation; income tax; income tax rates; effective date.

Similar Bills

OK HB2764

Revenue and taxation; duties of the State Board of Equalization; certification of revenue amounts; income tax rate reduction; effective date.

OK SB794

Oklahoma Employment Security Commission; deleting gender references; making e-file preference for filing; benefit eligibility; overpayments. Effective date.

OK SB1500

Income tax; excluding certain compensation to certain nonresidents. Effective date.

OK HB1953

Revenue and taxation; income tax; income tax rates; effective date.

OK HB1953

Revenue and taxation; income tax; income tax rates; effective date.

OK SB529

Teachers; creating the Oklahoma Teacher Corps Program; providing eligibility. Effective date. Emergency.

OK SB529

Teachers; creating the Oklahoma Teacher Corps Program; providing eligibility. Effective date. Emergency.

OK SB102

Income tax; excluding certain compensation to certain nonresidents. Effective date.