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The full Senate has given approval to a measure that would lower the state’s personal income tax rate over a two year period. Senate Bill 1623, by Sen. Mike Mazzei, R-Tulsa, was approved Tuesday. Mazzei said the measure will enable citizens to keep more of their hard-earned money and make Oklahoma more attractive for job creation.
“We are continuing to review and modify this legislation so that at the end of this process, we will have a plan that truly lowers taxes for hardworking Oklahomans and ensures the funding of core government services through the elimination of special interest tax subsidies,” Mazzei said. “The plan will not raise taxes on retirees or military, and the working poor will not see a higher tax bill either. This bill will promote job-growth, create prosperity, and a better quality of life for our citizens.”
Mazzei, Chair of the Senate Finance Committee, said SB 1623 would lower the state’s income tax from 5.25 percent to 4.75 percent over a two-year period. Mazzei said additional language includes a trigger to lower the tax rate again to 4.5 percent upon revenue growth of 4 percent over and above fiscal year 2011 tax collections.
Senate Pres. Pro Tempore Brian Bingman said reducing the income tax was key to creating a more prosperous future for the state.
“Putting more money back in the pockets of hardworking people is the right thing to do for a competitive Oklahoma in the 21st century,” said Bingman, R-Sapulpa. “I want to commend Senator Mazzei for proposing a bold plan of action to cut taxes and grow our economy—he knows private sector individuals and families, not government bureaucrats, are the real innovators, entrepreneurs, and drivers of our economy. Oklahomans have told us time and again they are hungry for a meaningful tax cut, and Senate Republicans have every intention of delivering for them.”
SB 1623 now moves to the House of Representatives for further consideration.