In 2012 Oklahoma’s top personal income-tax rate was 5.5 percent. After two rate cuts of a quarter of a percentage point, Oklahoma’s top income tax rate was 5 percent in 2021.

Among states that levy an income tax, Oklahoma currently has the 9th lowest state income tax in the country. (Nine states do not levy a state income tax.) This does not include any rate changes that have taken place within the past year; Oklahoma and 11 other states enacted some form of income tax reform this year. Oklahoma’s new top income tax rate for 2022 will be 4.75 percent.

Oklahoma’s corporate income tax rate, which had remained consistent at 6 percent throughout the past decade, will fall to 4 percent in 2022.

Total combined revenue from the individual and corporate income tax has grown from $4.7 billion to $5.3 billion when adjusted for inflation (see chart below).

Sources: Oklahoma Tax Commission Annual Reports, 2012 through 2021; inflation adjustments by author to 2021 dollars using CPI inflation calculator, U.S. Bureau of Labor Statistics

Despite the personal income tax rate falling by half a percentage point, per capita income tax collections grew between 2012 and 2019, according to the latest available data.

Sources: Oklahoma Tax Commission Annual Report; inflation adjustments by author to 2021 dollars using CPI inflation calculator, U.S. Bureau of Labor Statistics