Sen. Dan Newberry today issued the following statement after the Senate’s passage of House 2032. The bill would cut the top income tax rate from 5.25 percent to 5.0 percent on January 1, 2015, and to 4.85 percent, on January 1, 2016, contingent on state revenues.
“Lowering taxes and allowing Oklahomans to keep more of the money they earn has been a fundamental priority for Senate Republicans, and I am proud that my colleagues voted today to advance this proposal. Lowering the income tax will give our state a significant advantage in attracting business and investment. The structure of this reform will enable us to accomplish this goal responsibly, ensuring the funding of core government services. Putting more money back in the taxpayers’ pockets will promote job growth, generate prosperity and improve quality of life for all Oklahomans. Meaningful tax reform is key to creating a more prosperous future for our state, and I look forward to seeing the bill signed into law.”