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

HB 1207 amends Oklahoma's individual income tax code to lower tax rates for most earners starting in 2024. It establishes new tax brackets: for example, single filers pay 0.25% on the first $1,000 of income, rising to 4.75% on income above $11,200, while married couples filing jointly pay 0.25% on the first $2,000, rising to 4.75% on income above $22,400. The bill also eliminates the deduction for federal income taxes when calculating taxable income. This change directly affects all Oklahoma residents and nonresidents with taxable income, effective for tax years beginning January 1, 2024.