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SB 295

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

2026 Regular Session Introduced by George Burns and 1 co-sponsor

SB 295 adjusts Oklahoma income tax rates for certain years, pending committee review to determine state revenue and taxpayer financial impact.

Coauthored by Representative Grego (principal House author)
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Bill Summary · SB 295

Legislative bill overview

SB 295 modifies Oklahoma's income tax rates for specified tax years. The bill was introduced by Senator George Burns and has Representative Jim Grego as its principal House author. As of the latest action, it has been referred to both the Revenue and Taxation Committee and the Appropriations Committee for review.

Why is this important

Income tax rate changes directly affect state revenue collection and taxpayer obligations across all income brackets. Such modifications can influence Oklahoma's budget capacity for public services, economic competitiveness, and household finances for millions of residents and businesses operating in the state.

Potential points of contention

  • Revenue impact uncertainty: Without knowing whether rates increase or decrease, stakeholders cannot assess whether this helps or strains the state budget during a specific fiscal period
  • Fairness across income levels: Depending on which tax brackets are modified, the change may disproportionately affect lower-income, middle-income, or higher-income Oklahomans
  • Economic competitiveness: Tax rate changes could influence business relocation decisions and individual migration patterns compared to neighboring states with different tax structures

Compiled from official sources — confirm details with the bill’s official record.

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