Senate leader files tax cut legislation

Today, Senate President Pro Tempore Brian Bingman filed legislation that keeps the promise of tax reduction to Oklahoma citizens made by the Legislature and governor last year.

Senate Bill 1246 would reduce the state’s income tax rate from 5.25 percent to 5 percent as soon as Oklahoma’s fiscal environment returns to the level it was last year when the agreement was first reached.

The legislation additionally mirrors language from last year’s House Bill 2032 (which was overturned by the court) that would put in place a further cut in the rate to 4.85 percent once the economic conditions and growth revenue allow for such a cut.

“We made a commitment to the people of Oklahoma and we intend to keep that commitment,” said Bingman, R-Sapulpa, and author of the bill. “This is a fiscally responsible approach that will bring tax relief to Oklahomans and encourage economic growth in our state.”

The floor substitute including the changes is set to be heard on the Senate floor Thursday.

“This legislation fulfills the promise of tax relief made last year to the people of Oklahoma. In these uncertain economic times, we want hardworking taxpayers to have a lighter tax burden,” said Sen. Mike Mazzei, R-Tulsa, who carried the amendment on the floor. “Through this legislation, we are able to keep our promise to Oklahomans in a fiscally responsible way by requiring some benchmarks be achieved to get us back to the economic conditions seen when the cut was originally agreed upon.”

There is also an amendment from Sen. Kyle Loveless, R-Oklahoma City, which would restore the title on the bill.

“Oklahomans were anticipating a cut in their income tax rate, and unfortunately because of a court ruling we must readdress this issue,” said Loveless. “This lets Oklahomans keep more of their hard-earned money and will help make our state more economically competitive. We believe this legislation is important and look forward to it working its way quickly through the legislative process so Oklahomans can rest assured that tax relief is on the way.”