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

HB 2195 lowers Oklahoma's top individual income tax rate to 4.75% for taxable years beginning in 2024, replacing previous rates of 5.50% and 5.25%. It affects all Oklahoma residents and nonresidents filing individual income tax returns by reducing tax burdens across multiple income brackets. Key changes include lowering rates on the highest income tiers (e.g., reducing the top rate from 5.50% to 4.75% for single filers above $6,150 and married filers above $11,750). The bill takes effect January 1, 2024, and eliminates deductions for federal income taxes paid.