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Oklahoma
State Senate
Communications Division
State Capitol
Oklahoma City, Oklahoma 73105
For Immediate Release: March 8, 2012
Sen. Clark Jolley
Sen. Jolley says plan ensures lower taxes for retirees, military
When the full Senate takes up a measure next week to gradually
phase-out Oklahoma’s income tax, the bill will address concerns
raised by retirees and members of the military. Sen. Clark
Jolley, R-Edmond, is the author of Senate Bill 1571, also known
as the OCPA/Laffer Plan. The Senate is expected to consider his
legislation when members reconvene on Monday.
“We want to make sure that we do what is best for all Oklahomans,
including our retirees and those serving their country,” Jolley
said. “This newest proposal gives much-needed tax relief to
our citizens living on fixed incomes, our military, and those who
have chosen Oklahoma for their retirement home.”
In the first year, Jolley’s bill would decrease the state
income tax rate from 5.25 percent to 2.5 percent. No tax would be
imposed on single filers with taxable income of $8,700 or less and
for married filers with taxable income of $15,000 or less. After
that, there would be annual reductions of .25 until the income tax
is completely phased out in 2022. Beginning in 2013, individual
tax credits, deductions and exemptions will be eliminated except
for:
• Active duty military compensation
• Retirement benefits from public pension systems
• Social Security benefits
• Certain deferred compensation distributions
• Retirement benefits from non-public pension systems
• Military retirement benefits
• Civil service retirement benefits in lieu of Social Security
“We will continue to refine SB 1571 as it moves through the
legislative process, and ensure our retirees and military have a
voice, and I will continue to fight to lower tax burdens for all
Oklahomans,” Jolley said.
For more information, contact:
Sen. Jolley: (405) 521-5622
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