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Oklahoma Senate
Bill to Speed Up Elimination of Death Tax Passes Senate
Sen. Mike Johnson
By a vote of 31 to 16 the Oklahoma Senate adopted legislation to speed up the elimination of the state’s death tax by one year. The bill would have no impact on the upcoming budget year.
State Senator Mike Johnson, R-Kingfisher, authored the legislation.
“The death tax is a burden to farmers and small businesses in Oklahoma, so Senate Republicans believe this tax should be eliminated sooner rather than later,” said Johnson. “This is tight budget year, so we structured the bill so it does not impact the upcoming budget year.”
SB 1383 eliminates the death tax on January 1, 2009. Under current law, the death tax, also known as the estate tax, won’t be phased out until 2010.
