President Pro Tempore Brian Bingman issued the following statement after the House voted to approve SB 1246. Bingman is principal author of the income tax cut legislation, which now goes to Gov. Mary Fallin for her consideration.
“This plan represents a fiscally responsible way to lower Oklahoma’s income tax rate, fulfilling a commitment we made to our citizens last year. It’s going to bolster our ongoing efforts to help Oklahoma better compete for high pay jobs that will help our citizens, communities and state prosper. With the House giving its final approval, we look forward to Governor Fallin signing this tax relief measure into law.” –Pres. Pro Tem Brian Bingman, R-Sapulpa.
Senate Finance Chair Mike Mazzei co-authored SB 1246 and presented the measure on the floor of the Senate earlier this session.
“When fully implemented, this bill will provide Oklahoma taxpayers with $200 million in tax relief. This is good legislation for the citizens of our state.” –Sen. Mike Mazzei, R-Tulsa.
SB 1246 will reduce the state’s income tax rate from 5.25 percent to 5 percent beginning with tax year 2016, if certified revenues for FY 2016 at least equal the certification level for FY 2014. The legislation would further reduce the state’s top income tax rate no sooner than two years later to 4.85 percent if there is sufficient revenue growth to fund the reduction.