“Tax Me More” Bill Would Allow Income Tax Refunds to be Donated to General Revenue Fund

In an effort to attract industries, create jobs and keep businesses in the state, Sen. Cliff Branan has authored legislation to begin a discussion in the Legislature about lowering the state’s income tax - something he has advocated for since getting into office in 2002.

“This year, with the poor fiscal climate, there will be those who feel like we don’t pay enough income taxes to support their government programs and others who think we shouldn’t lower the state income tax,” said Branan. “My legislation provides these individuals an opportunity to donate their own personal income tax refund, since they don’t feel they’re paying enough.”

SB 1079 would allow Oklahomans to donate a part of their income tax or state corporate tax refund to the State’s General Revenue Fund. Oklahomans currently have the ability to donate all or a portion of their income tax refunds to eleven Oklahoma organizations, programs and funds including the Low Income Health Care Fund, the Oklahoma Breast and Cervical Cancer Fund and Support of the Oklahoma National Guard.

There are at least five other states including Arkansas, Massachusetts, Montana, New Hampshire and Virginia that have what are commonly known as “Tax Me More Funds” whereby taxpayers can voluntarily pay more in taxes or make a personal donation to help resolve a budget shortfall or to support particular programs.

“Right now, our business owners are moving to more tax friendly states, and we have to stop that from happening,” said Branan. “Lowering the income tax is one way we can help create jobs and grow our state’s economy.”