Oklahoma State Senate
Oklahoma City, Oklahoma 73105
For Immediate Release: February
Senator Jay Paul Gumm
Senate Democrats’ HOPE Plan Clears First Hurdle
The tax cut package sponsored by Democrats in the
Oklahoma Senate cleared its first legislative hurdle Tuesday (Feb.
The Helping Oklahomans Prosper Economically Plan – or HOPE
– is contained in Senate Bill 958 by Senator Jay
Paul Gumm, D-Durant. The Senate Finance Committee approved the
measure Tuesday on a bipartisan vote.
Gumm, Senate assistant majority leader and chair of the Finance
Committee, said the bill would lower taxes on working families,
attract new jobs to the state, and protect Oklahomans’ investment
in critical programs.
The lawmaker said the proposal would provide hope and opportunity
for working families and small businesses across the state.
“Our goal is to work quickly to pass this bill out of the
Senate and send it to the House for their consideration,”
said Gumm. “I appreciate the strong bipartisan support from
members of the Senate Finance Committee. That vote is proof of our
commitment to strengthen families and put money back in the pockets
of every Oklahoma taxpayer.”
The program combines income and sales tax breaks for individuals
and businesses with an expanded incentive plan for new state industries
purchasing supplies from other Oklahoma companies.
The plan includes:
• A reduction of income taxes for working families by boosting
the standard deduction for the first time in two decades;
• A sales tax holiday on back-to-school shopping during the
same weekend and on the same items as the Texas back-to-school sales
• The elimination of taxes on capital gains on Oklahoma-based
property for corporations, including small businesses;
• A reduction of income taxes for senior Oklahomans by upping
the amount of retirement income that is exempt from state income
• An increase of Quality Jobs incentives for qualifying companies
that use in-state suppliers.
“The HOPE plan will strengthen families, boost small businesses,
and give every Oklahoman the chance to live up to the full promise
our state has to offer,” Gumm concluded.
“We will put money back into the pockets of working families
and small business while protecting our investments in public schools,
health care, job creation and programs that help our most vulnerable
citizens. This plan will give Oklahomans real hope to build a better
future for our children.”
Senate Communications Office - (405) 521-5774