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

SB 295 lowers Oklahoma's top individual income tax rate for tax years beginning in 2024. It reduces the top rate from 5.50% to 4.75% for both single filers and married couples filing jointly (including heads of households). This change applies to all Oklahoma residents and nonresidents who file state income tax returns for the 2024 tax year. The bill modifies existing tax brackets but does not alter the income thresholds where the top rate applies.