Income tax; modifying certain income tax rate for certain tax years. Effective date.

SB 292 reduces Oklahoma's top individual income tax rate for tax years beginning January 1, 2024. It lowers the highest marginal rate from 5.50% to 4.75% for single filers and married couples filing jointly (and heads of households) on income above specified thresholds ($2,300 for singles, $2,400 for married couples). This change applies directly to all Oklahoma residents and nonresidents filing individual income tax returns for 2024. The rate reduction is contingent on a determination by the State Board of Equalization, as referenced in the bill's provisions.