News Main Menu Bar Link to main page Link to Senators Link to Legislation Link to Schedule Link to Committees Link to Publications Link to News Link to Staff
News Navigation Menu Audio Clips OETA Capitol Coverage Podcasts Senator Photos Week In Review Press Releases Main Senate page.
 

Oklahoma State Senate
Co-President Pro Tempore
Senator Glenn Coffee, R-Oklahoma City
State Capitol Room 418
Oklahoma City, Oklahoma 73105
(405) 521-5636

Audio Clip Audio Clip     Printer-friendly version Print Article

For Immediate Release: May 7, 2007

Senator Glenn Coffee
Senator Glenn Coffee

Senate Sends Tax Cut Bill to Henry

The evenly-divided Oklahoma Senate voted Monday to send Gov. Brad Henry a tax relief package that speeds up income tax cuts and provides Oklahomans with a back-to-school sales tax holiday.

Senate Bill 861, by Sen. Don Barrington, R-Lawton, passed on a bipartisan 33 to 15 vote. This bill is the result of a bipartisan tax relief agreement announced by Senate and House leaders in March.

Senate Co-President Pro Tempore Glenn Coffee, R-Oklahoma City, called on Henry to sign the legislation.

“This bill provides much-needed relief to Oklahoma taxpayers. It’s a very good bill for Oklahoma families and small businesses, so the governor should sign it,” Coffee said.

Senate Finance Committee co-chair Mike Mazzei, R-Tulsa, said cutting the state’s income tax rate provides a boost to the state economy.

“This bill speeds up the income tax cuts enacted in 2006, which is a boost to the economy and job creation here in Oklahoma. History is replete with examples of income tax cuts resulting in unprecedented economic growth – from America in the 1960s and 1980s to Ireland in the 1990s,” stated Mazzei.

Barrington said the sales tax holiday will help back-to-school shoppers in Oklahoma, especially in areas that border Oklahoma’s neighbors.

“Oklahoma businesses lose many customers to states like Texas that offer sales tax holidays to back-to-school shoppers. SB 861 helps level the playing field by giving Oklahoma families a break, too,” said Barrington.

Details of the tax relief package in SB 861 include:
• Acceleration of last year's income tax cut plan, bringing the state's top marginal income tax rate down to 5.25 percent one year earlier. Currently the rate is 5.65 percent.
• A statewide three-day sales tax holiday beginning the first Friday in August for clothing and footwear with a sales price of less than $100.
• Elimination of the state’s franchise tax on most small businesses.
• A tax credit for stay-at-home parents similar to that currently offered for parents with children in daycare.

For more information contact:
Senator Coffee's Office:  (405) 521-5636

Inon: Horizontal Blue Band

May Press Releases | Press Releases