Revenue and taxation; individual income tax; rates; brackets; standard deduction amounts; effective date.

HB 1788 reduces Oklahoma's individual income tax rates for tax years 2024-2025. It lowers rates across all income brackets for both single filers and married couples filing jointly, with the top marginal rate decreasing from 5.5% to 4.75% on income above certain thresholds. The bill also eliminates the deduction for federal income taxes paid when calculating taxable income. These changes directly affect all Oklahoma residents and nonresidents with taxable income during 2024-2025.