Four first-term Senators have jointly filed a bill to implement the plan proposed by legendary economist Dr. Arthur Laffer to phase out the Oklahoma income tax.
SB 1587 is authored by Senators David Holt, R-Oklahoma City, Greg Treat R-Oklahoma City, Rob Johnson, R-Oklahoma City, and Josh Brecheen, R-Coalgate. It would lower the Oklahoma income tax rate from 5.25 percent to 2.25 percent in 2013, and then gradually lower it until the rate is zero in 2022.
Sen. Greg Treat, R-Oklahoma City, today filed legislation that would allow Oklahoma voters to decide whether the state should take on an additional $40 million in debt to fund the completion of the American Indian Cultural Center and Museum (AICCM) in Oklahoma City.
AICCM, a state agency, last year requested a $40 million bond to complete construction of the facility. If approved, the bond would have brought the state’s total investment in the project to $107 million, all of which has been funded through bond issues.