Bill to erase state income tax passes committee in Oklahoma
Published: Feb. 15, 2022 at 11:48 AM CST
OKLAHOMA CITY, Okla. (KSWO) - A bill to gradually eliminate Oklahoma’s graduated income tax passed through a subcommittee this week.
House Bill 3635, which was written by Rep. Mark Lepak, would set a flat income tax rate of 4.75% for 2023, and then when the general revenue grows by at least 5%, it would reduce another .5%.
Ten reductions would bring it down to zero.
The changes would go into effect starting in the 2023 tax year.
The bill passed through the House Appropriations and Budget Finance Revenue and Taxation Subcommittee this week.
The bill is similar to measures that were ultimately repealed during the state revenue collapses of the 2010s.
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