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Oklahoma Senate Bill SB1

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Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB1 Compare Versions

Only one version of the bill is available at this time.

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
3	3
4	4		Req. No. 68 Page 1 1
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53	53		STATE OF OKLAHOMA
54	54
55	55		1st Session of the 60th Legislature (2025)
56	56
57	57		SENATE BILL 1 By: Bergstrom
58	58
59	59
60	60
61	61
62	62
63	63		AS INTRODUCED
64	64
65	65		An Act relating to taxation; amending 62 O.S. 2021,
66	66		Section 34.103, which relates to the duties of the
67	67		State Board of Equalization; requ iring certification
68	68		of certain collections in certain fiscal years;
69	69		amending 68 O.S. 2021, Section 2355, as last amended
70	70		by Section 1, Chapter 27, 1st Extraordinary Session,
71	71		O.S.L. 2023 (68 O.S. Supp. 2024, Section 2355), which
72	72		relates to income tax; modif ying tax rates for
73	73		certain tax years; requiring the reduction of tax
74	74		rates for certain tax years upon certain
75	75		certification by the State Board of Equalization;
76	76		prohibiting reduction of certain rates upon
77	77		declaration of revenue failure; updating statutory
78	78		language and references; and declaring an emergency .
79	79
80	80
81	81
82	82
83	83		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
84	84		SECTION 1. AMENDATORY 62 O.S. 2021, Section 34.103, is
85	85		amended to read as follows:
86	86		Section 34.103. A. In addition to any other duties prescribed
87	87		by law, at the meeting required by Sectio n 23 of Article X of the
88	88		Oklahoma Constitution to be held in February of 2017, and at the
89	89		February meeting of the State Board of Equalization each year
90	90		thereafter, the State Board of Equalization shall certify:
91	91
92	92
93	93		Req. No. 68 Page 2 1
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142	142		1. For the revenue derived from the tax levied on oil pursuant
143	143		to Section 1001 of Title 68 of the Oklahoma Statutes, which would
144	144		otherwise be apportioned to the General Revenue Fund, the average
145	145		annual amount of actual reven ue apportioned to the General Revenue
146	146		Fund for the immediately preceding fiv e (5) complete fiscal years.
147	147		For any year after the first year during which a deposit to the
148	148		Revenue Stabilization Fund is made, the amount of any deposit to the
149	149		Revenue Stabilization Fund shall be disregarded for purposes of this
150	150		paragraph and the average shall be computed using the total amount
151	151		of revenue that was available to be apportioned to the General
152	152		Revenue Fund for the applicable period of time;
153	153		2. For the revenue derive d from the tax levied on natural gas
154	154		pursuant to Section 1001 of Title 68 of the Oklahoma Statutes, which
155	155		would otherwise be apportioned to the General Revenue Fund, the
156	156		average annual amount of actual revenue apportioned to the General
157	157		Revenue Fund for the previous five (5) fiscal years. For any year
158	158		after the first year during which a deposit to the Revenue
159	159		Stabilization Fund is made, the amount of any deposit to the Revenue
160	160		Stabilization Fund shall be disregarded for purposes of this
161	161		paragraph and the average shall be computed using the total amount
162	162		of revenue that was availabl e to be apportioned to the General
163	163		Revenue Fund for the applicable period of time; and
164	164		3. For the revenue derived from the corporate income tax levied
165	165		pursuant to Section 2355 of Title 68 the Oklahoma Statutes, which
166	166
167	167
168	168		Req. No. 68 Page 3 1
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217	217		would otherwise be apportioned to the General Revenue Fund, the
218	218		average annual amount of actual revenue apportioned to the General
219	219		Revenue Fund for the previous five (5) fiscal years. For any year
220	220		after the first year during which a deposit to the Revenue
221	221		Stabilization Fund is made, the amoun t of any deposit to the Revenue
222	222		Stabilization Fund shall be disregarded for purposes of this
223	223		paragraph and the average shall be computed using the total amount
224	224		of revenue that was available to be apportioned to the General
225	225		Revenue Fund for the applicable period of time.
226	226		B. If the amount of revenue available for apportionment to the
227	227		General Revenue Fund for the next ensuing fiscal year exceeds the
228	228		amounts certified pursuant to parag raph 1 or 2 of subsection A of
229	229		this section, with respect to each such reven ue source, one hundred
230	230		percent (100%) of such amount in excess of the separately computed
231	231		five-year average, which would otherwise be apportioned to the
232	232		General Revenue Fund, shall be deposited to the credit of the
233	233		Revenue Stabilization Fund.
234	234		C. If the amount of revenue available for apportionment to the
235	235		General Revenue Fund for the next ensuing fiscal year exceeds the
236	236		amount certified pursuant to paragraph 3 of subsection A of thi s
237	237		section:
238	238		1. Twenty-five percent (25%) of such amount in excess of the
239	239		five-year average, which would otherwise be apportioned to the
240	240		General Revenue Fund, shall be deposited to the credit of the
241	241
242	242
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291	291
292	292		Constitutional Reserve Fund unless such deposit would exce ed the
293	293		maximum balance permitted pursuant to Section 23 of Article X of the
294	294		Oklahoma Constitution and in such case the amount in excess of the
295	295		maximum balance shall be deposited to the credit of the Revenue
296	296		Stabilization Fund; and
297	297		2. Seventy-five percent (75%) of such amount in excess of the
298	298		five-year average, which would otherwi se be apportioned to the
299	299		General Revenue Fund, shall be deposited to the credit of the
300	300		Revenue Stabilization Fund, together with any amount required for
301	301		deposit pursuant to the pro visions of paragraph 1 of this
302	302		subsection.
303	303		D. In addition to any other duties prescribed by law, at the
304	304		meeting required by Section 23 of Article X of the Oklahoma
305	305		Constitution to be held in February of 2026, and at the February
306	306		meeting of the State Board of Equalization each year thereafter, the
307	307		State Board of Equalization shall certify:
308	308		1. For the revenue derived from all taxes levied by this state,
309	309		an itemized estimate of collections for the ensuing fiscal year;
310	310		2. For the revenue derived from all tax es levied by this state,
311	311		whether the difference between the itemized estimate certified
312	312		pursuant to paragraph 1 of this subsection and the actual
313	313		collections in fiscal year 2024 exceeds Four Hundred Million Dollars
314	314		($400,000,000.00) in growth, until a reduction in the marginal tax
315	315
316	316
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365	365
366	366		rates occurs pursuant to subsection D of Section 2 355 of Title 68 of
367	367		the Oklahoma Statutes; and
368	368		3. For the revenue derived from all taxes levied by this state,
369	369		whether the difference between the itemized estimate certified
370	370		pursuant to paragraph 1 of this subsection and the actual
371	371		collections in the latest full fiscal year before the most recent
372	372		reduction in the marginal tax rates pursuant to subsection D of
373	373		Section 2355 of Title 68 of the Oklahoma Statutes exceeds Four
374	374		Hundred Million Dollars ($400,000,000.00) in growth.
375	375		On July 1, 2035, and every ten (10) years thereafter, the
376	376		threshold of Four Hundred Million Dollars ($400,000,000.00) provided
377	377		in paragraphs 2 and 3 of this subsection shall be adjusted for
378	378		inflation to reflect the percentage change in the Consumer Price
379	379		Index published by the Bureau of Labor Statistics of the United
380	380		States Department of Labor for that period.
381	381		SECTION 2. AMENDATORY 68 O.S. 2021, Section 2355, as
382	382		last amended by Section 1, C hapter 27, 1st Extraordinary Session,
383	383		O.S.L. 2023 (68 O.S. Supp. 2024, Secti on 2355), is amended to read
384	384		as follows:
385	385		Section 2355. A. Individuals. For all taxable years beginning
386	386		after December 31, 1998, and before January 1, 2006, a tax is hereby
387	387		imposed upon the Oklahoma taxable income of every resident or
388	388		nonresident individual, which tax shall be computed at the option of
389	389		the taxpayer under one of the two following methods:
390	390
391	391
392	392		Req. No. 68 Page 6 1
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441	441		1. METHOD 1.
442	442		a. Single individuals and married individuals filing
443	443		separately not deducting federal income tax:
444	444		(1) 1/2% tax on first $1,000.00 or part t hereof,
445	445		(2) 1% tax on next $1,500.00 or part thereof,
446	446		(3) 2% tax on next $1,250.00 or part thereof,
447	447		(4) 3% tax on next $1,150.00 or part thereof,
448	448		(5) 4% tax on next $1,300.00 or pa rt thereof,
449	449		(6) 5% tax on next $1,500.00 or part thereof,
450	450		(7) 6% tax on next $2,300.00 or part thereof, and
451	451		(8) (a) for taxable years beginning after December
452	452		31, 1998, and before January 1, 2002, 6.75%
453	453		tax on the remainder,
454	454		(b) for taxable years beginning on or after
455	455		January 1, 2002, and before January 1, 2004,
456	456		7% tax on the remainder, and
457	457		(c) for taxable years beginning on or after
458	458		January 1, 2004, 6.65% tax on the remainder.
459	459		b. Married individuals filing jointly and surviving
460	460		spouse to the extent and in the manner that a
461	461		surviving spouse is permitted to file a joint return
462	462		under the provisions of the Internal Revenue Code and
463	463		heads of households as defined in the Internal Revenue
464	464		Code not deducting federal income tax:
465	465
466	466
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516	516		(1) 1/2% tax on first $2,000.00 or pa rt thereof,
517	517		(2) 1% tax on next $3,000.00 or part thereof,
518	518		(3) 2% tax on next $2,500.00 or part thereof,
519	519		(4) 3% tax on next $2,300.00 or part thereof,
520	520		(5) 4% tax on next $2,400.00 or part thereof,
521	521		(6) 5% tax on next $2,800.00 or part thereof,
522	522		(7) 6% tax on next $6,000.00 or part thereof, and
523	523		(8) (a) for taxable years beginning after December
524	524		31, 1998, and before January 1, 2002, 6.75%
525	525		tax on the remainder,
526	526		(b) for taxable years beginning on or after
527	527		January 1, 2002, and before January 1, 2004,
528	528		7% tax on the remainder, and
529	529		(c) for taxable years beginning on or after
530	530		January 1, 2004, 6.65% tax on the remainder.
531	531		2. METHOD 2.
532	532		a. Single individuals and married individuals filing
533	533		separately deducting federal income tax:
534	534		(1) 1/2% tax on first $1,000.00 or part ther eof,
535	535		(2) 1% tax on next $1,500.00 or part thereof,
536	536		(3) 2% tax on next $1,250.00 or part thereof,
537	537		(4) 3% tax on next $1,150.00 or part thereof,
538	538		(5) 4% tax on next $1,200.00 or part thereof,
539	539		(6) 5% tax on next $1,400.00 or part thereof,
540	540
541	541
542	542		Req. No. 68 Page 8 1
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590	590
591	591		(7) 6% tax on next $1,500.00 or part thereof,
592	592		(8) 7% tax on next $1,500.00 or part thereof,
593	593		(9) 8% tax on next $2,000.00 or part thereof,
594	594		(10) 9% tax on next $3,500.00 or part thereof, and
595	595		(11) 10% tax on the remainder.
596	596		b. Married individuals filing jointly and surviving
597	597		spouse to the extent and in the manner that a
598	598		surviving spouse is permitted to file a joint return
599	599		under the provisions of the Internal Revenue Code and
600	600		heads of households as defined in the Internal Revenue
601	601		Code deducting federal income tax:
602	602		(1) 1/2% tax on the first $2,000.00 or part thereof,
603	603		(2) 1% tax on the next $3,000.00 or part thereof,
604	604		(3) 2% tax on the next $2,500.00 or part thereof,
605	605		(4) 3% tax on the next $1,400.00 or part thereof,
606	606		(5) 4% tax on the next $1,500.00 or part thereof,
607	607		(6) 5% tax on the next $1,600.00 or part thereof,
608	608		(7) 6% tax on the next $1,250.00 or part thereof,
609	609		(8) 7% tax on the next $1,750.00 or part thereof,
610	610		(9) 8% tax on the next $3,000.00 or part thereof,
611	611		(10) 9% tax on the next $6,000.00 or part thereof, and
612	612		(11) 10% tax on the remainder.
613	613		B. Individuals. For all taxable years beginning on or after
614	614		January 1, 2008, and ending any tax year which begins after December
615	615
616	616
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665	665
666	666		31, 2015, for which the determination required pursuant to Sections
667	667		4 2355.1F and 5 Section 2355.1G of this act title is made by the
668	668		State Board of Equalization, a tax is hereby imposed upon the
669	669		Oklahoma taxable income of every resident or nonresident individual,
670	670		which tax shall be computed as follows:
671	671		1. Single individuals and married individuals filing
672	672		separately:
673	673		(a) 1/2% tax on first $1,000.00 or part thereof,
674	674		(b) 1% tax on next $1,500.00 or part thereof,
675	675		(c) 2% tax on next $1,250.00 or part thereof,
676	676		(d) 3% tax on next $1,150.00 or part thereof,
677	677		(e) 4% tax on next $2,300.00 or part thereof,
678	678		(f) 5% tax on next $1,500 .00 or part thereof,
679	679		(g) 5.50% tax on the remainder for the 2008 tax year and
680	680		any subsequent tax year unless the rate prescribed by
681	681		subparagraph (h) of this paragraph is in effect, and
682	682		(h) 5.25% tax on the remainder for the 2009 and subsequent
683	683		tax years. The decrease in the top marginal
684	684		individual income tax rate otherwise author ized by
685	685		this subparagraph shall be contingent upon the
686	686		determination required to be made by the State Board
687	687		of Equalization pursuant to Section 2355.1A of this
688	688		title.
689	689
690	690
691	691		Req. No. 68 Page 10 1
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740	740		2. Married individuals filing jointly and surviving spouse to
741	741		the extent and in the manner that a surviving spouse is permitted to
742	742		file a joint return under the provisions of the Internal Revenue
743	743		Code and heads of households as defined in the Internal Revenue
744	744		Code:
745	745		(a) 1/2% tax on first $2,000.00 or part thereof,
746	746		(b) 1% tax on next $3,000.00 or part thereof,
747	747		(c) 2% tax on next $2,500.00 or part thereof,
748	748		(d) 3% tax on next $2,300.00 or part thereof,
749	749		(e) 4% tax on next $2,400.00 or part thereof,
750	750		(f) 5% tax on next $2,800 .00 or part thereof,
751	751		(g) 5.50% tax on the remainder for the 2008 tax year and
752	752		any subsequent tax year unless the rate prescribed by
753	753		subparagraph (h) of this paragraph is in effect, and
754	754		(h) 5.25% tax on the remainder for the 2009 and subsequent
755	755		tax years. The decrease in the top marginal
756	756		individual income tax rate otherwise author ized by
757	757		this subparagraph shall be contingent upon the
758	758		determination required to be made by the State Board
759	759		of Equalization pursuant to Section 2355.1A of this
760	760		title.
761	761		C. Individuals. For all taxable years beginning on or after
762	762		January 1, 2024, a tax is hereby imposed upon the Oklahoma taxable
763	763
764	764
765	765		Req. No. 68 Page 11 1
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813	813
814	814		income of every resident or nonresident individual, which tax shall
815	815		be computed as follows:
816	816		1. Single individuals and married individuals f iling
817	817		separately:
818	818		(a) 0.25% tax on first $1,000.00 or part thereof,
819	819		(b) 0.75% tax on next $1,500.00 or part thereof,
820	820		(c) 1.75% tax on next $1,250.00 or part thereof,
821	821		(d) 2.75% tax on next $1,150.00 or part thereof,
822	822		(e) 3.75% tax on next $2,300.00 or part t hereof, and
823	823		(f) 4.75% tax on the remainder.
824	824		2. Married individuals filing jointly and surviving spouse to
825	825		the extent and in the manner that a surviving spouse is permitted to
826	826		file a joint return under the provisions of the Internal Revenue
827	827		Code and heads of households as defined in the Internal Revenue
828	828		Code:
829	829		(a) 0.25% tax on first $2,000.00 or part thereof,
830	830		(b) 0.75% tax on next $3,000.00 or part thereof,
831	831		(c) 1.75% tax on next $2,500.00 or part thereof,
832	832		(d) 2.75% tax on next $2,300.00 or part thereof,
833	833		(e) 3.75% tax on next $4,600.00 or part thereof, and
834	834		(f) 4.75% tax on the remainder.
835	835		No deduction for federal income taxes paid shall be allowed to
836	836		any taxpayer to arrive at taxable income.
837	837
838	838
839	839		Req. No. 68 Page 12 1
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888	888		D. Individuals. Except as provided for in subsection E of this
889	889		section, for all taxable years beginning on or after January 1,
890	890		2025, a tax is hereby imposed upon the Oklahoma taxable income of
891	891		every resident or nonresident individual, which tax shall be
892	892		computed as follows:
893	893		1. Single individuals and married individuals fi ling
894	894		separately:
895	895		(a) 0% tax on first $1,000.00 or part thereof,
896	896		(b) 0.5% tax on next $1,500.00 or part thereof,
897	897		(c) 1.5% tax on next $1,250.00 or part thereof,
898	898		(d) 2.5% tax on next $1,150.00 or part thereof,
899	899		(e) 3.5% tax on next $2,300.00 or part thereof, and
900	900		(f) 4.5% tax on the remainder.
901	901		2. Married individuals filing jointly an d surviving spouse to
902	902		the extent and in the manner that a surviving spouse is permitted to
903	903		file a joint return under the provisions of the Internal Revenue
904	904		Code and heads of househ olds as defined in the Internal Revenue
905	905		Code:
906	906		(a) 0% tax on first $2,000.00 or part thereof,
907	907		(b) 0.5% tax on next $3,000.00 or part thereof,
908	908		(c) 1.5% tax on next $2,500.00 or part thereof,
909	909		(d) 2.5% tax on next $2,300.00 or part thereof,
910	910		(e) 3.5% tax on next $4,600.00 or part thereof, and
911	911		(f) 4.5% tax on the remainder.
912	912
913	913
914	914		Req. No. 68 Page 13 1
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963	963		No deduction for federal income taxes paid shall be allowed to
964	964		any taxpayer to arrive at taxable income.
965	965		E. If the difference between collections exceeds Four Hundred
966	966		Million Dollars ($400,00 0,000.00) in growth, as adjusted for
967	967		inflation pursuant to subsection D of Section 34.103 of Title 62 of
968	968		the Oklahoma Statutes, and as certified by the State Board of
969	969		Equalization pursuant to paragraph 2 of subsection D of Section
970	970		34.103 of Title 62 of the Oklahoma Statutes, the marginal tax rates
971	971		provided in paragraphs 1 and 2 of subsection D of this section shall
972	972		each be reduced by twenty -five hundredths (0.25) of a percentage
973	973		point unless the rate equals zero percent (0%) for the immediate
974	974		succeeding tax year and subsequent tax years. Each successive
975	975		certification of growth exceeding Four Hundred Million Dollars
976	976		($400,000,000.00) by the Board, as adjusted for inflation, shall
977	977		further reduce the marginal tax rates by twenty -five hundredths
978	978		(0.25) of a percentage point until the rate equals zero percent (0%)
979	979		in the immediate succe eding tax year and subsequent tax years. If a
980	980		revenue failure is declared pursuant to the provisions of Section
981	981		34.49 of Title 62 of the Oklahoma Statutes prior to the end of the
982	982		calendar year in which the Board makes a certification pursuant to
983	983		paragraphs 2 and 3 of subsection D of Section 34.103 of Title 62 of
984	984		the Oklahoma Statutes, the reduction in marginal tax rates, as
985	985		provided for in this subsection, shall not occur until a s ubsequent
986	986
987	987
988	988		Req. No. 68 Page 14 1
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1036	1036
1037	1037		certification is made by the Board pursuant to paragraphs 2 and 3 of
1038	1038		subsection D of Section 34.103 of Title 62 of the Oklahoma Statutes.
1039	1039		F. Nonresident aliens. In lieu of the rates set forth in
1040	1040		subsection A above, there shall be imposed on non resident aliens, as
1041	1041		defined in the Internal Revenue Code, a tax of eight percent (8%)
1042	1042		instead of thirty percent (30%) as used in the Internal Revenue
1043	1043		Code, with respect to the Oklahoma taxable income of such
1044	1044		nonresident aliens as determined under the provi sion of the Oklahoma
1045	1045		Income Tax Act.
1046	1046		Every payer of amounts covered by this subsection shall deduct
1047	1047		and withhold from such amounts paid each payee an amount equal to
1048	1048		eight percent (8%) thereof. Every payer required to deduct and
1049	1049		withhold taxes under this subsection shall for each quarterly period
1050	1050		on or before the last day of the month following the close of each
1051	1051		such quarterly period, pay over the amount so withheld as taxes to
1052	1052		the Oklahoma Tax Commission, and shall file a return with each such
1053	1053		payment. Such return shall be in such form as the Tax Commission
1054	1054		shall prescribe. Eve ry payer required under this subsection to
1055	1055		deduct and withhold a tax from a payee shall, as to the total
1056	1056		amounts paid to each payee during the calendar year, furnish to such
1057	1057		payee, on or before January 31 , of the succeeding year, a written
1058	1058		statement showing the name of the payer, the name of the payee and
1059	1059		the payee’s Social Security account number, if any, the total amount
1060	1060		paid subject to taxation, and the total amount deducted and withheld
1061	1061
1062	1062
1063	1063		Req. No. 68 Page 15 1
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1111	1111
1112	1112		as tax and such other information as the Tax Commission may require .
1113	1113		Any payer who fails to withhold or pay to the Tax Commission any
1114	1114		sums herein required to be withheld or paid shall be personally and
1115	1115		individually liable therefor to the State of Oklahoma this state.
1116	1116		E. G. Corporations. For all taxable years beginning after
1117	1117		December 31, 2021, a tax is hereby imposed upon the Oklahoma taxable
1118	1118		income of every corporation doing business within this state or
1119	1119		deriving income from sources within this state in an amount equal to
1120	1120		four percent (4%) thereof.
1121	1121		There shall be no add itional Oklahoma income tax imposed on
1122	1122		accumulated taxable income or on undistributed personal holding
1123	1123		company income as those terms are defined in the Internal Revenue
1124	1124		Code.
1125	1125		F. H. Certain foreign corporations. In lieu of the tax imposed
1126	1126		in the first paragraph of subsection D F of this section, for all
1127	1127		taxable years beginning after December 31, 2021, there shall be
1128	1128		imposed on foreign corporations, as defined in the Internal Revenu e
1129	1129		Code, a tax of four percent (4%) instead of thirty percent (30%) as
1130	1130		used in the Internal Revenue Code, where such income is received
1131	1131		from sources within Oklahoma this state, in accordance with the
1132	1132		provisions of the Internal Revenue Code and the Oklahoma Income Tax
1133	1133		Act.
1134	1134		Every payer of amounts covered by this subsection shall deduct
1135	1135		and withhold from such amounts paid each payee an amount equal to
1136	1136
1137	1137
1138	1138		Req. No. 68 Page 16 1
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1186	1186
1187	1187		four percent (4%) thereof. Every payer required to deduct and
1188	1188		withhold taxes under this subsection shall for e ach quarterly period
1189	1189		on or before the last day of the month following the cl ose of each
1190	1190		such quarterly period, pay over the amount so withheld as taxes to
1191	1191		the Tax Commission, and shall file a return with each such payment.
1192	1192		Such return shall be in such for m as the Tax Commission shall
1193	1193		prescribe. Every payer required under this subsection to deduct and
1194	1194		withhold a tax from a payee shall, as to the total amounts paid to
1195	1195		each payee during the calendar year, furnish to such payee, on or
1196	1196		before January 31, of the succeeding year, a written statement
1197	1197		showing the name of the payer, the na me of the payee and the payee ’s
1198	1198		Social Security account number, if any, the total amounts paid
1199	1199		subject to taxation, the total amount deducted and withheld as tax ,
1200	1200		and such other information as the Tax Commission may require. Any
1201	1201		payer who fails to withhold or pay to the Tax Commission any sums
1202	1202		herein required to be withheld or paid shall be personally and
1203	1203		individually liable therefor to the State of Oklahoma .
1204	1204		G. I. Fiduciaries. A tax is hereby imposed upon the Oklahoma
1205	1205		taxable income of every trust and e state at the same rates as are
1206	1206		provided in subsection B or, C, D, or E of this section for single
1207	1207		individuals. Fiduciaries are not allowed a deduction for any
1208	1208		federal income tax p aid.
1209	1209		H. J. Tax rate tables. For all taxable years beginning after
1210	1210		December 31, 1991, in lieu of the tax imposed by subsection A, B or,
1211	1211
1212	1212
1213	1213		Req. No. 68 Page 17 1
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1261	1261
1262	1262		C, D, or E of this section, as applicable there is hereby imposed
1263	1263		for each taxable year on the taxable income of every individual,
1264	1264		whose taxable income for such taxable year does not exceed the
1265	1265		ceiling amount, a tax determined under tables, applicable to such
1266	1266		taxable year which shall be prescribed by the Tax Commission and
1267	1267		which shall be in such form as it determines appro priate. In the
1268	1268		table so prescribed, the amounts of the tax shall be computed on the
1269	1269		basis of the rates prescribed by subsection A, B or, C, D, or E of
1270	1270		this section. For purposes of this subsection, the term “ceiling
1271	1271		amount” means, with respect to any tax payer, the amount determined
1272	1272		by the Tax Commission for the tax rate category in which such
1273	1273		taxpayer falls.
1274	1274		SECTION 3. It being immediately necessary for the preservation
1275	1275		of the public peace, health or safety, an emergency is hereby
1276	1276		declared to exist, by reason whereof this act shall take effect and
1277	1277		be in full force from and after its passage and approval.
1278	1278
1279	1279		60-1-68 QD 11/15/2024 11:07:03 AM