HB 2740: Revenue and taxation; taxations; rates; income tax; exemptions; effective date. - Oklahoma

Proposed Committee Substitute (sub committee) 1 → Floor (House) · 3 edits

MINOR

The bill was completely rewritten to replace the old committee draft with a new floor version that updates Oklahoma's individual income tax rates and brackets. This change modernizes the tax structure by adjusting percentage rates and income thresholds for different filing statuses and tax years, ensuring the state tax code aligns with current legislative requirements.

Scope change

The scope of the bill remains focused on amending 68 O.S. 2021, Section 2355, but the specific tax rates and income brackets have been updated to reflect new floor amendments.

REQUIREMENT

Tax rates and income brackets for single filers, married filers, and heads of households were updated with new percentages and dollar thresholds for various tax years.

TIMELINE

The effective dates for specific tax rates were adjusted, particularly for years beginning after December 31, 1998, and before January 1, 2006.

TECHNICAL

The document format was changed from a proposed subcommittee substitute to a floor version, indicating the bill has moved through the legislative process.

House Committee Substitute → Proposed Committee Substitute (sub committee) 1 · 3 edits

MINOR

The document was converted from a 'Committee Substitute' to a 'Proposed Subcommittee Substitute,' indicating the bill is now in a later stage of legislative review. The substantive text of the bill, which details Oklahoma income tax rates and brackets, remains unchanged. This change is procedural, reflecting the bill's progression through the committee process rather than a modification of the tax law itself.

TECHNICAL

The document title and header were updated to reflect the bill's new status as a 'Proposed Subcommittee Substitute' with a specific amendment date of February 11, 2025.

The introductory text describing the amendment motion was replaced with the formal title page for a proposed subcommittee substitute, including the sponsor's name and timestamp.

The previous 'Committee Substitute' header and associated page numbering were removed as the document format was updated.

Introduced → House Committee Substitute · 4 edits

MODERATE

The bill was formally converted into a Committee Substitute, indicating it has been amended by the House Committee. The substantive text now reflects a specific amendment to an existing statute (68 O.S. 2021, Section 2355) rather than introducing entirely new law. The primary change involves updating the tax rate brackets and thresholds for individual income tax, including specific provisions for taxable years between 1998 and 2015, while retaining the structure for single and married filers.

Scope change

The bill's scope changed from a general introduction of new law to a targeted amendment of an existing Oklahoma Statute section regarding individual income tax rates.

TIMELINE

The document was updated to reflect the bill's progression from 'Introduced' to 'House Committee Substitute', indicating legislative review and potential changes.

New tax rate provisions were added for specific historical taxable years (1998-2015) that were not present in the original introduced version.

DEFINITION

The bill title was updated to specify it is amending 68 O.S. 2021, Section 2355, rather than enacting a standalone act.

REQUIREMENT

Specific tax rate brackets and income thresholds for individuals were updated, including detailed percentages for different income levels and filing statuses.

Revenue and taxation; taxations; rates; income tax; exemptions; effective date.

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