Revenue and taxation; individual income tax; rates; effective date.

HB 2195 amends Oklahoma's individual income tax rates for taxable years beginning on or after January 1, 2026. It reduces the top marginal tax rate to 4.75% for single filers (on income above $5,150) and married filers (above $9,800), while eliminating the deduction for federal income taxes paid. The bill directly affects all Oklahoma resident and nonresident individuals filing individual income tax returns. This change simplifies the tax structure by replacing previous brackets with a new tiered system and removing the federal deduction, effective for 2026 tax filings.