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

HB 1267 reduces Oklahoma's top individual income tax rate for 2024 and beyond, lowering it to 4.75% for income above specific thresholds (e.g., $6,350 for single filers, $12,700 for married couples filing jointly). It also eliminates the deduction for federal income taxes when calculating Oklahoma taxable income. This change directly affects all Oklahoma residents and nonresidents filing individual income tax returns. The bill amends existing tax brackets to reflect these rate adjustments, effective for tax years beginning in 2024.