Tax Cut Proposal Clears House Committee
A state House committee voted Tuesday to slash state taxes by more than $400 million over a two-year period.
"In spite of recent tax cuts, there's no denying that Oklahomans are still overtaxed, which creates a barrier to economic growth and job creation," said state Rep. Randy Terrill, R-Moore, chair of the House Revenue and Taxation Subcommittee. "We've got to reform our tax code in Oklahoma ifwe want good jobs to stay in the state."
House Bill 1388, by Terrill, reduces Oklahoma's top income tax rate from the current rate of 5.65 percent to 4.65 percent over a two-year period. The bill would cut the tax rate to 5.25 percent in tax year 2008 and 4.65 percent in tax year 2009. The combined tax cuts would save working Oklahomans more than $394 million per year when fully implemented. In other action, Oklahomans serving in the military would be exempt from state income tax under a bill approved by a House committee today. House Bill 1446, by state Rep. Fred Jordan, would exempt the military pay of Oklahomans from state income tax. The bill applies to active duty personnel, as well as reserve and National Guard members. The bill would benefit nearly 20,000 individuals.
"In spite of recent tax cuts, there's no denying that Oklahomans are still overtaxed, which creates a barrier to economic growth and job creation," said state Rep. Randy Terrill, R-Moore, chair of the House Revenue and Taxation Subcommittee. "We've got to reform our tax code in Oklahoma ifwe want good jobs to stay in the state."
House Bill 1388, by Terrill, reduces Oklahoma's top income tax rate from the current rate of 5.65 percent to 4.65 percent over a two-year period. The bill would cut the tax rate to 5.25 percent in tax year 2008 and 4.65 percent in tax year 2009. The combined tax cuts would save working Oklahomans more than $394 million per year when fully implemented. In other action, Oklahomans serving in the military would be exempt from state income tax under a bill approved by a House committee today. House Bill 1446, by state Rep. Fred Jordan, would exempt the military pay of Oklahomans from state income tax. The bill applies to active duty personnel, as well as reserve and National Guard members. The bill would benefit nearly 20,000 individuals.
Labels: 2007 Legislature, Fred Jordan, Military Taxes, Randy Terrill, Tax Cut
posted by Mike McCarville @ 3:23 PM
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