Daily tax report ®
March 11, 2021, 10:58 p.m.
- The proposal would allow the tax to expire over a period of five years
- Critics warn of the increased risk of budget cuts
Oklahoma lawmakers on Thursday passed laws that would eliminate their corporate income tax in a move that supporters say would help the state compete with neighboring Texas to attract new businesses.
The House voted 74 to 20 votes to pass a bill (HB 2083) by House Speaker Charles McCall (R) to phase out the state’s corporate income tax rate over a five-year period.
“We have a corporate tax rate of 6 percent,” McCall said before the vote. “These other states aren’t doing this – that’s the big reason they win and we don’t make the deal,” he said.
“According to this plan, I believe …
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