Oklahoma House Bill HB3331

Oklahoma 2022 Regular Session

• Introduced: 2/7/22
• Refer: 2/8/22

Caption

Oklahoma Tax Commission; disclosure requirement; confidential information exception; effective date.

Impact

The bill is intended to provide the public with insights into the tax benefits received by high-income individuals, potentially influencing discussions about tax policy and equity. By making this information publicly accessible, the bill is expected to facilitate a better understanding of how tax deductions impact the overall tax burden and revenue generation within the state. This move towards transparency could also lead to increased accountability of the Oklahoma Tax Commission in terms of its processes and decisions regarding tax deductions.

Summary

House Bill 3331 aims to enhance transparency within the Oklahoma Tax Commission by requiring the online publication of specific tax information concerning high-income taxpayers. For tax years starting in 2021, the Oklahoma Tax Commission will be mandated to disclose an aggregate list of income tax deductions claimed by the top one percent of taxpayers based on their gross taxable income. Additionally, the total amounts claimed for these deductions, alongside the net effective tax percentage those taxpayers have paid, will also be available.

Contention

While supporters argue that HB 3331 is a step towards greater tax fairness and transparency, the bill has raised concerns regarding taxpayer confidentiality. The exceptions created in existing confidentiality laws may lead to debates about the potential for misuse of publicly available financial information. Critics may argue that exposing such data could inadvertently violate the privacy of taxpayers, even if aggregated, or could be used to stigmatize certain economic classes.