OKLAHOMA CITY — Oklahoma House Speaker Charles McCall, R-Atoka, has filed legislation regarding personal income tax cuts ahead of the upcoming session of the Oklahoma Legislature on Feb. 5.
McCall said the bills are the latest in a series of tax cut plans the House has filed and passed throughout the last three years. They include:
HB 2948 – Corporate income tax phase out over five years.
HB 2949 – Flat rate 4.25 percent personal income tax effective Jan. 1, 2024; rate imposed on taxable income amounts above specific figures based on filing status.
HB 2950 – .25 percent personal income tax decrease effective Jan. 1, 2024, and following tax years.
HB 2951 – .25 percent personal income tax decrease for 2024 and 2025, with rates to restore to current level (current rates and brackets) for 2026, and following tax years.
HB 2952 – .50 percent personal income tax decrease for 2024 and 2025, with rates to restore to current level (current rates and brackets) for 2026, and following tax years.
“Everyday Oklahomans continue to feel the effects of destructive federal economic policies on their wallet, and they desperately need relief,” McCall said. “The House has passed numerous tax cut bills to the Senate during multiple regular and special sessions throughout the last three years, and these new bills represent our latest attempt to get meaningful tax cuts passed and to the governor’s desk. Our state is in a strong position both economically and in regards to savings, so now is the perfect time to pass tax cuts and let the citizens of Oklahoma keep more of their hard-earned money.”
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