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

SB 305 proposes lowering Oklahoma's top individual income tax rate for tax years beginning in 2024. It reduces the highest marginal rate from 5.50% to 4.75% for single filers on income above $2,300 and for married couples filing jointly on income above $2,400. The bill applies to all Oklahoma residents and nonresidents with taxable income meeting these thresholds in 2024 and subsequent years. The change is contingent on a determination by the State Board of Equalization, as specified in the bill's provisions.