Oklahoma Senator introduces bill to gradually cut state income tax, tied to revenue increases.

Oklahoma Senator Michael Bergstrom has introduced Senate Bill 1, aiming to gradually reduce the state's income tax rate by 0.25 percentage points across all brackets, with further reductions contingent on a $400 million increase in state revenue. Adjustments for inflation start in 2035. The bill includes safeguards to delay tax cuts during revenue shortfalls and is set for consideration in 2025.

November 20, 2024
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