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

HB 1009 reduces Oklahoma's individual income tax rates for tax years beginning in 2022-2024. It lowers the top marginal rate from 5.50% to 4.75% for single filers (and 5.50% to 5.25% for married couples filing jointly) on income above specific thresholds, with new brackets starting at 0.25% for the first $1,000 of taxable income. The bill directly affects all Oklahoma residents and nonresidents who file individual income tax returns. Key provisions include lowering rates across all income tiers and specifying that reductions apply to tax years ending in 2024. The bill also includes similar rate reductions for corporate income tax.