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OKLAHOMA CITY - Saying he wanted Oklahomans to be able to take advantage of federal tax changes, Senator Grover Campbell announced he had filed a bill to help those who are saving for retirement.
"In the Tax Relief Act of 1997 passed by Congress, there was a four year window established for Americans to roll their regular IRA's into what is called a Roth IRA," explained Campbell, R-Owasso.
"The advantage of a Roth IRA is that citizens won't have to pay income tax on the interest when they retire. However, those wanting to roll existing IRA's over into Roths would have to pay both federal and state income tax on the entire amount when they make the switch," said Campbell.
Senator Campbell said he was concerned some Oklahomans may not feel they could afford to take advantage of the long term benefits of the Roth IRAs because of the taxes that would have to pay when they roll over their regular IRAs.
"What I propose in Senate Bill 810 is to eliminate the state income tax they would otherwise have to pay when Oklahomans roll their IRAs over into Roth IRAs. This will not affect our budget picture, but it should give many Oklahomans the break they need to take advantage of this program, and help prepare themselves for greater financial security in their