The Oklahoma Senate Appropriations Committee approved a slate of tax reform measures meant to carve a path for taxpayer relief and making the state more business-friendly. Senator Dave Rader and Senator Adam Pugh authored the four bills addressing income tax structure, corporate tax fairness, and taxpayer relief mechanisms.
One of the measures sets up a mechanism to capture growth revenues to provide tax relief to taxpayers. Another sets the individual income tax rate at 4.75 percent while removing the deduction for federal income taxes paid and standardizes deductions.
“Oklahoma’s tax code must evolve to support growth and prosperity,” Senator Pugh said. “The goal of Senate Bill 291 is when the economy grows is we recognize and justly reward the taxpayers, who are ultimately responsible for that revenue growth. These reforms will make our state more attractive for businesses, ensure families keep more of their hard-earned money and position Oklahoma as a leader in responsible tax policy. I am optimistic that these measures will strengthen the state’s economic foundation while maintaining fiscal responsibility.”
The other two measures are aimed at the corporate tax system.
“These measures represent a significant step forward in making Oklahoma’s tax code more competitive and business-friendly,” Rader said. “By leveling the income tax rate, removing outdated corporate tax provisions and ensuring Oklahomans benefit from economic growth. By simplifying income tax structures and eliminating burdensome provisions like the throwback rule, we are making our state a more attractive place for job creators and entrepreneurs.”
Senate Bill 304, Senate Bill 299, Senate Bill 291, and Senate Bill 60 are now eligible to be heard on the Senate floor.
