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

HB 1206 lowers Oklahoma's top individual income tax rate for taxable years beginning in 2024. It reduces the highest marginal rate from 5.50% to 4.75% for most taxpayers, applying to income above specific thresholds (e.g., $2,300 for single filers, $4,600 for married couples filing jointly). The bill affects all Oklahoma residents and nonresidents filing individual income tax returns. It also eliminates the deduction for federal income taxes when calculating taxable income. The new rates take effect January 1, 2024, as specified in Section C of the amended tax code.