This text of Oklahoma § 68-2355.1F (Implementation of 5% top marginal rate.) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
A.The provisions of this section shall be applicable with respect to the implementation of the five percent (5%) top marginal rate of individual income tax otherwise authorized pursuant to the provisions of subparagraph (f) of paragraphs 1 and 2 of subsection C of Section 2355 of Title 68 of the Oklahoma Statutes, which shall be contingent upon a determination by the State Board of Equalization made by a comparison described by this section which shall be conducted until the income tax rate of five percent (5%) is effective.
B.In addition to any other duties prescribed by law, at the meeting required by paragraph 1 of Section 23 of Article X of the Oklahoma Constitution to be held in December 2014, and for any subsequent December meeting of the State Board of Equalization, if the five pe
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A. The provisions of this section shall be applicable with respect to the implementation of the five percent (5%) top marginal rate of individual income tax otherwise authorized pursuant to the provisions of subparagraph (f) of paragraphs 1 and 2 of subsection C of Section 2355 of Title 68 of the Oklahoma Statutes, which shall be contingent upon a determination by the State Board of Equalization made by a comparison described by this section which shall be conducted until the income tax rate of five percent (5%) is effective. B. In addition to any other duties prescribed by law, at the meeting required by paragraph 1 of Section 23 of Article X of the Oklahoma Constitution to be held in December 2014, and for any subsequent December meeting of the State Board of Equalization, if the five percent (5%) top marginal income tax rate prescribed by subparagraph (f) of paragraphs 1 and 2 of subsection C of Section 2355 of Title 68 of the Oklahoma Statutes has not become effective, the State Board of Equalization shall compare: 1. The total General Revenue Fund proposed estimate for fiscal year 2014 which was certified at the State Board of Equalization meeting held in February 2013; and 2. The total General Revenue Fund proposed estimate for fiscal year 2016, or if the five percent (5%) top marginal income tax rate prescribed by subparagraph (f) of paragraphs 1 and 2 of subsection C of Section 2355 of Title 68 of the Oklahoma Statutes has not become effective, the fiscal year for which the Board is certifying a proposed estimate. If the amount determined pursuant to the provisions of paragraph 2 of this subsection is equal to or greater than the amount determined pursuant to the provisions of paragraph 1 of this subsection, the Board shall make a finding that the revenue computations required by this section will authorize the implementation of the five percent (5%) top marginal income tax rate prescribed by subparagraph (f) of paragraphs 1 and 2 of subsection C of Section 2355 of Title 68 of the Oklahoma Statutes beginning on the second January 1 following the December meeting. If the amount determined pursuant to the provisions of paragraph 2 of this subsection is less than the amount determined pursuant to the provisions of paragraph 1 of this subsection, the Board shall make a finding that the revenue computations required by this section will not authorize the implementation of the five percent (5%) top marginal income tax rate prescribed by subparagraph (f) of paragraphs 1 and 2 of subsection C of Section 2355 of Title 68 of the Oklahoma Statutes beginning on the second January 1 following the December meeting. C. If the Board makes a finding that the revenue computations required by this section do not authorize the implementation of the 5% top marginal income tax rate prescribed by of subparagraph (f) of paragraphs 1 and 2 of subsection C of Section 2355 of Title 68 of the Oklahoma Statutes beginning with calendar year 2016 pursuant to the provisions of subsection B of this section, such procedures shall be repeated by the State Board of Equalization for each successive two-year comparison until the rate is implemented.