House Passes Senate Tax Relief Bill
The Oklahoma House on Monday approved tax relief legislation that will speed up income tax cuts and provide needed relief for families with stay-at-home parents.
Senate Bill 861 includes all four components of a bipartisan tax relief agreement announced by legislative leaders more than a month ago. The bill now returns to the Senate for consideration before moving on to the governor's desk.
“I certainly hope the governor does not delay in signing this tax relief into law,” said Speaker Lance Cargill (R-Harrah), adding that “any attempt to scale back this tax relief agreement will be nothing short of a tax hike on the people of Oklahoma.”
“This is about providing real tax relief for working families and entrepreneurs,” Cargill continued. “Passing a child care tax credit for stay-at-home parents is simply fair public policy. We should be encouraging stay-at-home parents, not discouraging them with unfair tax policies. And eliminating the franchise tax for most small businesses removes another barrier to economic growth in our state.”
Cargill expressed his disappointment in House Democrat lawmakers who voted down the emergency clause of the bill, meaning that the back-to-school sales tax holiday portion of the tax relief package won’t be implemented until next year.
“I think it’s a shame that House Democrats stopped this legislation from taking effect as soon as possible so that working parents could take advantage of it this fall,” said Cargill. “I’m puzzled by the House Democrats’ vote today. It’s too bad that parents will have to wait more than a year to save money on back-to-school expenses.”
“We must continue to bring Oklahoma’s income tax rate down so that we can compete with surrounding states for job opportunities,” said Rep. Randy Terrill (R-Moore), chair of the House Revenue and Taxation Committee, who presented the legislation on Monday. “And getting rid of the franchise tax on most small businesses gives mom and pop enterprises the opportunity to grow and expand before they get hit with a heavy tax burden.”
Details of the tax relief package in SB 861 include acceleration of last year's tax cut plan, bringing the state's top marginal income tax rate down to 5.25 percent one year earlier (currently the rate is 5.65 percent); a tax credit for stay-at-home parents similar to that currently offered for parents with children in daycare; elimination of the state’s franchise tax on most small businesses; and a statewide three-day sales tax holiday beginning the first Friday in August for clothing and footwear with a sales price of less than $100.
Senate Bill 861 includes all four components of a bipartisan tax relief agreement announced by legislative leaders more than a month ago. The bill now returns to the Senate for consideration before moving on to the governor's desk.
“I certainly hope the governor does not delay in signing this tax relief into law,” said Speaker Lance Cargill (R-Harrah), adding that “any attempt to scale back this tax relief agreement will be nothing short of a tax hike on the people of Oklahoma.”
“This is about providing real tax relief for working families and entrepreneurs,” Cargill continued. “Passing a child care tax credit for stay-at-home parents is simply fair public policy. We should be encouraging stay-at-home parents, not discouraging them with unfair tax policies. And eliminating the franchise tax for most small businesses removes another barrier to economic growth in our state.”
Cargill expressed his disappointment in House Democrat lawmakers who voted down the emergency clause of the bill, meaning that the back-to-school sales tax holiday portion of the tax relief package won’t be implemented until next year.
“I think it’s a shame that House Democrats stopped this legislation from taking effect as soon as possible so that working parents could take advantage of it this fall,” said Cargill. “I’m puzzled by the House Democrats’ vote today. It’s too bad that parents will have to wait more than a year to save money on back-to-school expenses.”
“We must continue to bring Oklahoma’s income tax rate down so that we can compete with surrounding states for job opportunities,” said Rep. Randy Terrill (R-Moore), chair of the House Revenue and Taxation Committee, who presented the legislation on Monday. “And getting rid of the franchise tax on most small businesses gives mom and pop enterprises the opportunity to grow and expand before they get hit with a heavy tax burden.”
Details of the tax relief package in SB 861 include acceleration of last year's tax cut plan, bringing the state's top marginal income tax rate down to 5.25 percent one year earlier (currently the rate is 5.65 percent); a tax credit for stay-at-home parents similar to that currently offered for parents with children in daycare; elimination of the state’s franchise tax on most small businesses; and a statewide three-day sales tax holiday beginning the first Friday in August for clothing and footwear with a sales price of less than $100.
Labels: 2007 Legislature, Lance Cargill, Randy Terrill, Tax Cuts
posted by Mike McCarville @ 4:42 PM
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