Oklahoma City, OK 73105
For Immediate Release:
June 23, 2006
Senator Mike Mazzei
Senate Approves Bill to Eliminate Death Tax
Oklahoma Senate on Friday approved historic legislation to completely
eliminate the state’s estate tax over a three-year period.
House Bill 1172 was amended to contain language originally authored
by Senators Mike
Mazzei and Glenn
Coffee in Senate Bill 334. In addition to eliminating the tax
over a three-year period, the amendment provides immediate estate
tax relief to non-lineal heirs such as nephews and nieces, treating
them the same as lineal heirs such as children and grandchildren.
Mazzei said the approval of the legislation is a victory for Oklahoma
“Senate Republicans have worked hard for years to eliminate
Oklahoma’s unfair death tax, and I’m pleased we were
able to pass this legislation today,” said Mazzei, R-Tulsa.
“The elimination of the estate tax will allow us to attract
jobs and keep retirees in the state. More importantly, it eliminates
a tax that prevents families from passing their hard-earned assets
to future generations.”
Mazzei said the elimination of the estate tax has long been a
priority of the Republican Caucus, and has become an issue of increasing
importance to Oklahoma taxpayers.
“After Oklahomans have paid property taxes, income taxes
and sales taxes their entire lives, taxing their remaining assets
a second time is nothing less than immoral,” Mazzei said.
“Today’s vote will help us create a tax climate that
will attract and keep businesses, professionals and long-time Oklahoma
residents who can now keep their investment dollars in state. This
is a significant victory for all Oklahomans, and a great day for
House Bill 1172 will phase out the estate tax over a three-year
period, on the same timetable used in the federal elimination of
the estate tax. In 2010, the estate tax will be completely eliminated.
For more information, contact:
Senator Mazzei's Office: (405) 521-5675