Income tax; modifying certain rates, exemptions, and deductions for certain tax years. Effective date. Emergency.

SB 98 modifies Oklahoma's individual income tax rates for the 2024 tax year. It lowers the top marginal tax rate to 4.75% for single filers and similar rates for married couples filing jointly, replacing previous rates of 5.25% or 5.50%. The bill affects all Oklahoma residents and nonresidents filing individual income tax returns for 2024. Key provisions define new tax brackets with reduced rates across income levels, specifically targeting the 2024 tax year. The change applies to taxable income calculated under Oklahoma law for that year.