For Immediate Release: May 7, 2007
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,”
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,”
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
• 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