{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2355.1a","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2355.1A","heading":"Determinations by State Board of Equalization - Income","body":"tax rate changes.\n\nA. The provisions of this section shall be applicable with\n\nrespect to the implementation of the decreases in the top marginal\n\nrate of individual income tax otherwise authorized pursuant to the\n\nprovisions of subparagraph (h) of paragraphs 1 and 2 of subsection B\n\nof Section 2355 of this title which shall be contingent upon a\n\ndetermination by the State Board of Equalization made by a\n\ncomparison of the revenue computations described by this section\n\nwhich shall be conducted until the income tax rate of five and\n\ntwenty-five hundredths percent (5.25%) is effective.\n\nB. In addition to any other duties prescribed by law, at the\n\nmeeting required by paragraph 1 of Section 23 of Article X of the\n\nOklahoma Constitution to be held in December 2008, and for any\n\nsubsequent December meeting of the State Board of Equalization if\n\nthe top marginal income tax rate prescribed by subparagraph (h) of\n\nparagraphs 1 and 2 of subsection B of Section 2355 of this title has\n\nnot become effective, the State Board of Equalization shall\n\ndetermine:\n\n1. The amount of revenue growth in the General Revenue Fund of\n\nthe State Treasury by comparing the fiscal year General Revenue Fund\n\nestimate for the fiscal year beginning on the next ensuing July 1\n\ndate to the revised General Revenue Fund estimate for the then\n\ncurrent fiscal year; and\n\n2. The amount by which the income tax revenue for the tax year\n\nwhich will begin on the second January 1 date following such\n\nDecember meeting is estimated to be reduced by the increase in the\n\nstandard deduction provided in paragraph 2 of subsection E of\n\nSection 2358 of this title, plus an amount equal to four percent\n\n(4%) of the revised General Revenue Fund estimate for the then\n\ncurrent fiscal year in order for a top marginal income tax rate of\n\nfive and twenty-five hundredths percent (5.25%) to be effective.\n\nIf the amount determined pursuant to the provisions of paragraph\n\n1 of this subsection is equal to or greater than the amount\n\ndetermined pursuant to the provisions of paragraph 2 of this\n\nsubsection, the Board shall make a preliminary finding that the\n\nBoard anticipates that a finding will be made at the February\n\nmeeting immediately subsequent to the December meeting that\n\napplicable revenue growth in the state will authorize the\n\nimplementation of the provisions of subparagraph (h) of paragraphs 1\n\nand 2 of subsection B of Section 2355 of this title beginning on the\n\nsecond January 1 following such December meeting.\n\nIf the amount determined pursuant to the provisions of paragraph\n\n1 of this subsection is less than the amount determined pursuant to\n\nthe provisions of paragraph 2 of this subsection, the Board shall\n\nmake a preliminary finding that the Board anticipates that a finding\n\nwill be made at the February meeting immediately subsequent to the\n\nDecember meeting that applicable revenue growth in the state will\n\nnot authorize the implementation of the provisions of subparagraph\nis subsection is less than the amount determined pursuant to\n\nthe provisions of paragraph 2 of this subsection, the Board shall\n\nmake a preliminary finding that the Board anticipates that a finding\n\nwill be made at the February meeting immediately subsequent to the\n\nDecember meeting that applicable revenue growth in the state will\n\nnot authorize the implementation of the provisions of subparagraph\n\n(h) of paragraphs 1 and 2 of subsection B of Section 2355 of this\n\ntitle beginning on the second January 1 following such December\n\nmeeting.\n\nC. In addition to any other duties prescribed by law, at the\n\nmeeting required by paragraph 3 of Section 23 of Article X of the\n\nOklahoma Constitution to be held in February 2009, and for any\n\nsubsequent February meeting of the State Board of Equalization if\n\nthe top marginal income tax rate prescribed by subparagraph (h) of\n\nparagraphs 1 and 2 of subsection B of Section 2355 of this title has\n\nnot become effective the State Board of Equalization shall\n\ndetermine:\n\n1. The amount of revenue growth in the General Revenue Fund of\n\nthe State Treasury by comparing the fiscal year General Revenue Fund\n\nestimate for the fiscal year beginning on the next ensuing July 1\n\ndate to the revised General Revenue Fund estimate for the then\n\ncurrent fiscal year; and\n\n2. The amount by which the income tax revenue for the tax year\n\nwhich will begin on the January 1 date immediately following such\n\nFebruary meeting is estimated to be reduced by the increase in the\n\nstandard deduction provided in paragraph 2 of subsection E of\n\nSection 2358 of this title plus an amount equal to four percent (4%)\n\nof the revised General Revenue Fund estimate for the then current\n\nfiscal year in order for a top marginal income tax rate of five and\n\ntwenty-five hundredths percent (5.25%) to be effective.\n\nIf the amount determined pursuant to the provisions of paragraph\n\n1 of this subsection is equal to or greater than the amount\n\ndetermined pursuant to the provisions of paragraph 2 of this\n\nsubsection, the Board shall make a finding that applicable revenue\n\ngrowth in the state will authorize the implementation of the\n\nprovisions of subparagraph (h) of paragraphs 1 and 2 of subsection B\n\nof Section 2355 of this title beginning on the January 1 date\n\nimmediately following such February meeting.\n\nIf the amount determined pursuant to the provisions of paragraph\n\n1 of this subsection is less than the amount determined pursuant to\n\nthe provisions of paragraph 2 of this subsection, the Board shall\n\nmake a finding that applicable revenue growth in the state does not\n\nauthorize the implementation of the provisions of subparagraph (h)\n\nof paragraphs 1 and 2 of subsection B of Section 2355 of this title\n\nbeginning with the January 1 date immediately following such\n\nFebruary meeting.\n\nD. If the Board makes a finding that applicable revenue growth\n\nin the state does not authorize the implementation of the provisions\n\nof subparagraph (h) of paragraphs 1 and 2 of subsection B of Section\n\n2355 of this title beginning with calendar year 2010 pursuant to the\n\nprovisions of subsection C of this section, the procedures\n\nprescribed by subsection A, subsection B, and subsection C of this\n\nsection shall be repeated by the State Board of Equalization for\n\neach successive two-year comparison. Once the income tax rate\n\notherwise authorized pursuant to subparagraph (h) of paragraphs 1\n\nand 2 of subsection B of Section 2355 of this title has been\n\nimplemented as a result of the analysis of the General Revenue Fund\n\nestimates together with the fiscal impact of the standard deduction\n\nas authorized pursuant to paragraph 2 of subsection E of Section\n\n2358 of this title, such income tax rate shall be in effect for the\n\ntax years as prescribed by subparagraph (h) of paragraphs 1 and 2 of\n\nsubsection B of Section 2355 of this title.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"066badc3ed57652f91e63617acde037d212e1d6ddfc5a247227283f97d76dc6b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2355","next":"us-ok/okla.-stat.-tit.-68-68-2355.1b"},"notice":"GroundRules: Original legal text. Not legal advice."}