SB 304: Income tax; limiting certain personal exemption to certain tax years; modifying amount of standard deduction for certain tax years. Effective date. - Oklahoma

Floor (House) → Floor (Senate) · 4 edits

MODERATE

The bill was revised from the House version to the Senate version, primarily updating the tax rate structure and income thresholds for Oklahoma's personal income tax. The Senate version introduces new tax brackets with different percentages and income levels for various filing statuses, including specific provisions for taxable years between 1998 and 2004, and establishes new tax rates for years beginning on or after January 1, 2008.

Scope change

The scope of the tax provisions was expanded and modified to include specific tax rate schedules for different time periods and income brackets, replacing the previous House version's structure.

TIMELINE

Updated the effective dates for tax rate changes, establishing specific tax brackets for years between 1998-2002, 2002-2004, and 2004 onwards, with new rates for years beginning on or after January 1, 2008.

REQUIREMENT

Revised tax rate brackets and income thresholds for single individuals, married individuals filing separately, married individuals filing jointly, and surviving spouses, changing the percentage rates and dollar amounts taxed at each bracket.

Modified the tax calculation methods for individuals deducting federal income tax, introducing new bracket structures with varying percentages and income thresholds compared to the House version.

TECHNICAL

Added committee substitute designation and updated page headers to reflect Senate floor version with bold face denoting committee amendments.

Committee Substitute → Floor (House) · 3 edits

MINOR

The bill was amended to convert it from a Committee Substitute version to a Floor (House) version, incorporating changes from the House of Representatives. The substantive tax rate schedules and brackets appear unchanged in this diff, but the formatting and sponsorship information were updated to reflect House floor amendments.

Scope change

The bill's scope and applicability remain unchanged; only the version type and formatting were modified.

TECHNICAL

The document was updated from a Committee Substitute to a Floor (House) version, adding House sponsors (Hays, Lepak, and Maynard) and changing the header to indicate it is an Engrossed Senate Bill.

Page headers and footers were updated to reflect the Floor version with new page numbering and formatting changes.

A bracketed explanatory note was added to the title section indicating the bill covers income tax rates, adjustments, personal exemptions, standard deductions, and effective dates.

Engrossed → Committee Substitute · 5 edits

MODERATE

The bill was converted from an Engrossed version to a Committee Substitute version, which primarily involves formatting and structural changes rather than substantive policy modifications. The Committee Substitute version reorganizes the bill text with updated headers, page numbers, and formatting conventions while maintaining the same tax rate structure and provisions for Oklahoma income tax.

TECHNICAL

Bill header and title formatting changed from 'ENGROSSED SENATE BILL NO. 304' to 'COMMITTEE SUBSTITUTE FOR SENATE BILL 304' with updated legislative session information

Page numbering and formatting reorganized throughout the document with new page headers showing 'Req. No. 1747' instead of 'ENGR. S. B. NO. 304'

Text reflowed and restructured with different line breaks and paragraph formatting while preserving the same tax rate brackets and thresholds

Removed bracketed subject matter description '[income tax rate - adjustments - personal exemption - standard deduction - effective date]' from the original title

Added new header text 'STATE OF OKLAHOMA 1st Session of the 60th Legislature (2025)' at the beginning of the Committee Substitute version

Introduced → Engrossed · 5 edits · Mar 25, 2025

MODERATE

This bill amends Oklahoma's income tax statute (68 O.S. 2021, Section 2355) to update tax rates and brackets for specific tax years. The changes modify how income tax is calculated for individuals and married couples filing jointly, adjusting tax rates and income thresholds for different filing periods.

Scope change

The bill maintains the same scope of applying to Oklahoma resident and nonresident individuals but modifies the specific tax calculations and rates for various tax years.

TIMELINE

Updated tax rate schedules for taxable years beginning after December 31, 1998 and before January 1, 2006, with specific rate changes for different income brackets.

Added new tax provisions for taxable years beginning on or after January 1, 2008 and ending any tax year which begins after December 31, 2015, with specific rates for 2008-2015 period.

REQUIREMENT

Modified tax calculation methods for single individuals and married individuals filing separately, including changes to income thresholds and percentage rates across multiple tax brackets.

Modified tax calculation methods for married individuals filing jointly, including changes to income thresholds and percentage rates across multiple tax brackets.

Modified tax calculation methods for individuals deducting federal income tax, with updated income thresholds and percentage rates.

Income tax; limiting certain personal exemption to certain tax years; modifying amount of standard deduction for certain tax years. Effective date.

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