STITT RENEWS CALL FOR TAX CUTS AS HOUSE AND SENATE ARE IN STALEMATE

News 9 - February 16, 2024 6:36 am

At the capitol: lawmakers are still in a stalemate over tax cuts. The Board of Equalization presented its numbers for 2025, certifying the Legislature will have $11.1 billion in authorized funds for FY 25.

Now Governor Kevin Stitt is renewing his call for lawmakers to cut taxes. “It’s no accident Oklahoma has record-breaking state savings, higher than expected revenue, and an objectively strong fiscal outlook from three of the nation’s top credit agencies. These accomplishments are the result of our conservative approach to governance, and every Oklahoman will benefit once the Legislature cuts their taxes and delivers a pay raise,” said Stitt.

“Oklahomans are already asking: ‘How much money does the state need?’ Make no mistake, today’s news from the Board of Equalization is not an invitation for the Legislature to spend all $11.1 billion. We must continue to practice fiscal conservatism by returning excess revenue to Oklahomans in the form of tax cuts.

“Oklahomans have waited long enough for a pay raise and relief at the grocery store. It’s reassuring to see legislation in both chambers. There are no more excuses, let’s get those passed. I’m ready to sign any tax cut that comes to my desk.”

There are measures to cut the state portion of the grocery tax in the House and Senate, but lawmakers haven’t come to an agreement on which measures will proceed.

The state house has passed a bill that would eliminate the grocery tax and another bill that would cut the personal income tax by .25%. Both of those pieces of legislation are only waiting on a Senate vote before they can be signed by the governor.

Meanwhile, the Senate Pro Tem has introduced his grocery tax bill. “I still very much support grocery tax elimination of the state portion and regardless of what vehicle we use to achieve that goal that’s no difference to me,” said Senate Pro Tem Greg Treat.

“We’re at the point where something needs to be done, whether it’s a quarter, whether it’s a grocery tax or a half the house has already passed those things,” said House Speaker Charles McCall.

 

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