OKLAHOMA CITY (Nov. 20th) – Sen. Micheal Bergstrom, R-Adair, has filed Senate Bill 1, a tax reform proposal designed to reduce Oklahoma’s income tax rates in a responsible and measured way.
Under SB1, the state’s marginal income tax rate will be reduced by 0.25 percentage points across all income brackets. Future reductions are tied to revenue growth, with the Board of Equalization tasked with determining if total state revenue has increased by at least $400 million compared to the fiscal year before the most recent tax cut. Each time this benchmark is met, another 0.25 percent reduction will be triggered, continuing until the top marginal income tax rate is zero.