Finance Committee Passes GOP Bill to Eliminate the Death Tax

Tuesday the Senate Finance Committee passed a Republican-authored bill to eliminate Oklahoma’s estate tax, commonly referred to as the death tax. In past years, the Democrat-controlled State Senate has blocked GOP efforts to eliminate the death tax.

Senate Bill 334, authored by Republican State Senators Mike Mazzei and Glenn Coffee, provides immediate estate tax relief to non-linear heirs, like nephews and nieces, and completely eliminates the death tax on everyone over a three-year period.

The bill passed on a bipartisan 12 to 4 vote after Finance Committee Chairman Jay Paul Gumm, D-Durant, allowed the bill to receive a hearing and a vote.

“Senate Republicans have been trying to eliminate Oklahoma’s death tax for a long time. To finally receive a committee hearing and a vote in the Senate after so many years of trying is a major victory for Oklahoma taxpayers,” said Mazzei, R-Tulsa. “I would like to thank Sen. Gumm for allowing SB 334 to receive an up-or-down vote in his committee.”

Mazzei said eliminating Oklahoma’s death tax would help save family-owned small businesses and farms, which sometimes have to be sold to the pay the state death tax.

“Eliminating the death tax will help attract and keep jobs and people in the State of Oklahoma,” Mazzei said. “By eliminating the death tax, Oklahoma can communicate to everyone in the U.S. that our state is a great place to live and retire.”