Oklahoma City, Oklahoma 73105
For Immediate Release: April 10, 2006
Senator Scott Pruitt
Sen. Pruitt’s Historic Tax Cut Clears
State Sen. Scott
Pruitt’s legislation to lower the state income
tax rate from 6.25 percent to 4.9 percent has cleared
another major hurdle. Senate Bill 2022, containing the
largest tax cut in the history of the state, has now
been approved by the House of Representatives.
“This is a huge victory for Oklahoma
taxpayers,” said Pruitt, R-Broken Arrow. “This
is not just a token rebate—this is a tax cut that
over the next few years is going to put literally thousands
of dollars back in the pockets of Oklahoma families.”
If signed into law, on July 1, 2006,
the state income tax would be lowered from 6.25 percent
to 4.9 percent. Under the provisions of SB 2022, the
state would use $183 million of the available growth
revenue to offset the immediate impact of the tax cut.
When fully implemented, it will result in a tax reduction
of approximately $480 million a year.
“As I’ve said before, this
$480 million will go right back into our economy, whether
people save, spend or invest it,” Pruitt said.
“That’s going to help existing businesses
grow and attract new ones, ultimately creating a larger
tax base that will help us invest even more in education,
public safety, transportation, and in other areas as
Because the measure was amended in the
House to restore the title, the bill must now return
to the Senate for further consideration.
“When SB 2022 was first approved
by the full Senate, it passed with overwhelming support
by a vote of 35 to 11,” Pruitt said. “I
am hopeful that when this body has the opportunity to
consider this measure again, we’ll see the same
enthusiastic support and we can then send it to Governor
Henry for his approval.”
more information contact:
Senator Pruitt's Office - (405) 521-5602