Oklahoma Senate President Pro Tempore Brian Bingman issued the following statement Wednesday following Senate passage of a responsible income tax cut.
HB 2032, by Pro Tem Bingman and House Speaker T.W. Shannon, lowers the top income tax rate from 5.25 percent to 5.0 percent on January 1, 2015. HB 2032 further reduces the tax rate from 5.0 percent to 4.85 percent on January 1, 2016, contingent upon total revenue growth in FY 2016 being equal to or greater than the FY 2016 fiscal impact of a 0.15 percent tax cut. Additionally, HB 2032 reserves $60 million in FY 2014 followed by an additional $60 million in FY 2015 for Capitol repairs.
Oklahoma’s average taxpayer would save $143 per year upon a reduction in the top marginal rate to 4.85 percent. HB 2032 passed the Senate on a vote of 32-14 and now returns to the House of Representatives for final passage before being sent to the Governor.
Bingman said a commitment to lower taxes is important to attract new jobs and businesses to Oklahoma.
“Reducing the tax burden on Oklahoma families has been a top priority of Senate Republicans, and today’s vote sets the stage for a meaningful but responsible tax cut,” said Bingman, R-Sapulpa. “We need more taxpayers, not more taxes. Businesses in the private sector are looking for certainty in this economy especially with so much uncertainty coming from our nation’s capital. By passing a tax cut now, the state of Oklahoma is sending a clear signal to businesses around the country looking to expand or relocate. We’re committed to lower taxes, to limited government, and we are open for business.”