Personal Taxes

Company tax cuts to the governor

An audio version of that story

It looks like Oklahomans and Oklahoma companies will get a tax cut next year.

The Oklahoma Senate passed legislation Thursday to cut all income tax rates by 0.25% and cut corporate income tax from 6% to 4%. You are now going to Governor Kevin Stitt’s desk.

Three Republicans voted with all nine Senate Democrats between 34 and 12 years old against the corporate tax cut in House Bill 2960, including Senator Dave Rader (R-Tulsa) who said he did not meet three conservative standards that he was taught to operate good taxation policies .

“You know, we are all in favor of tax reform. So let’s do tax reform instead of doing this one-off action that is not available to anyone who chooses a winner and harms the state. 3,” Rader said.

Senator Brent Howard (R-Altus) said he hadn’t heard of a company asking for a tax cut and that large non-state corporations would benefit most from it.

“Don’t get me wrong, just like the $ 2,400 stimulus checks, people won’t turn them down. So they’ll take it and be happy about it, but this isn’t about helping the average Oklahoman,” said Howard .

Senate chairman for funds Roger Thompson (R-Okemah) said companies like Amazon, which has multiple facilities in Oklahoma, are helping the state and a tax cut would bring in more businesses from similar actors.

“Although these are mostly non-government corporations, they are making huge investments in Oklahoma. It creates jobs. It improves our quality of life,” Thompson said.

A legislative analysis estimates the state will lose around $ 110 million annually to the corporate tax cut.

On a party line 37-9, the Senate approved House Bill 2962, which lowers income tax rates. Once fully realized, this will cost the state nearly $ 240 million a year, according to a legislative analysis.

Senator Julia Kirt (D-Oklahoma City) said a large part of this money is not going back to those who need it most.

“Almost half of our sales go to private individuals who earn more than $ 100,000 a year. We now still have our highest tax bracket starting at $ 7,200,” said Kirt.

Kirt also said it was short-sighted for the state to forego such a large portion of revenue that was not tied to volatility in oil prices. Thompson defended the tax cut to stimulate the economy.

“Whenever these people have more income in their pockets, it is better to make decisions for their families than the government to make decisions for their families. Tax cuts increase that activity in our community,” Thompson said.

Opponents of both measures have warned that if the state gets into trouble like three years ago and needs new revenue, it will be difficult to reverse. It takes three-quarters of the House and Senate majorities to raise taxes.

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