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

HB 1806 amends Oklahoma's individual income tax code to reduce tax rates for most filers, effective for taxable years beginning in 2024. It lowers the top marginal tax rate from 5.50% to 4.75% for single filers and 5.50% to 4.75% for married couples filing jointly (after specific income thresholds), while eliminating deductions for federal income taxes paid. The bill directly affects all Oklahoma residents and nonresidents with taxable income subject to state income tax. Key provisions include revised tax brackets for both single and joint filers, with the lowest rate reduced to 0.25% on the first $2,000 of taxable income for married filers.