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

HB 1207 lowers Oklahoma's individual income tax rates for tax years beginning in 2024 and 2025. It reduces the top tax rate for single filers from 5.50% to 4.75% on income above $6,200 (and for joint filers, from 5.50% to 4.75% above $12,400), while lowering rates across all income brackets compared to previous years. The bill directly affects all Oklahoma individual taxpayers (residents and nonresidents) who file state income tax returns, as it modifies the state's tax calculation method. The changes take effect for tax years starting in 2024, with no deduction allowed for federal income taxes paid.