Oklahoma Legislators are Working to End the State’s Income Tax
Oklahoma law makers are working to end the state income tax for all citizens by introducing new legislation that would eventually see the current income tax structure go away completely. This is great news for all Oklahomans and will hopefully be approved and passed sometime soon. Governor Kevin Stitt discussed this recently during his state of the state address and stressed the importance of getting it done quickly.
Right now Oklahomas pay around 4.75% in state income taxes. The new plan would drop the amount by half a percent every year for the next 10 years until it goes away completely. So it won't be an overnight kind of thing, however we are making some progress. With that being said I think by doing it gradually vs. instantly we have a much better chance of it actually being passed. Hit play on the video below for more information.
There's not a lot of details about the new bill, I'm sure more will be revealed as the days and weeks go by. Of course a lot of this hinges on the state's budget and growth, state revenue plays a big part in all of this. If the revenue goes up they cut a half of percent, if not no changes are made to the income tax percentage that year. So potentally we could see our state income tax end in 10 years or it could take longer depending on state revenue. This is to avoid budget shortfalls and ensure the state has the needed funds to operate.
It's a pretty good plan, I just wish it could happen sooner rather than later. Right now the new bill has passed all the required subcommittees and will be heading towards the full committee and finally the senate floor. We'll keep you posted on the bill's progress and let you know when and if it passes. This is a step in the right direction and would make a huge difference in the lives of most, if not all Oklahomans. *Fingers crossed*