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

HB 1208 reduces Oklahoma's top individual income tax rate for tax years beginning in 2024. It lowers the highest marginal rate to 4.75% for both single filers and married couples filing jointly (after specific income thresholds), replacing the prior 5.50% rate. This change applies to all Oklahoma individual taxpayers - residents and nonresidents - on their taxable income. The bill modifies tax brackets to reflect these lower rates starting January 1, 2024, with no federal income tax deduction allowed.