Oklahoma
State Senate
Communications Division
State Capitol
Oklahoma City, Oklahoma 73105
For Immediate Release: March 3, 2009
Sen. Mike Mazzei
Senate Approves Measure to Remove Income Tax Reduction Trigger
On a bipartisan vote, the full Senate has approved
legislation to remove the statutory trigger required to reduce
the state’s income tax from 5.5 percent to 5.25 percent,
clearing the way for that reduction to take place in tax year
2010. Senator Mike
Mazzei is the author of Senate Bill 315 which was approved
on Tuesday.
“The tax relief we’ve approved in recent years strengthened
our economy. It is one of the reasons we’re in better shape
than other states,” said Mazzei, R-Tulsa. “As we move
through the legislative session, we must continue to keep all
economic development tools on the table.”
SB 315 would remove the existing trigger which requires four percent
growth in the General Revenue Fund before the income tax rate
can drop from 5.5 to 5.25 percent.
“Economists know that the type of tax relief resulting in
the greatest economic stimulation is a reduction in income tax.
Even the President’s economic advisors agree,” Mazzei
said. “Certainly, as we move through the session, we’ll
have to take many economic factors into consideration, but it
is always important to let our citizens know we’re looking
at options to ensure they can keep more of their hard-earned money.”
SB 315 next moves to the House of Representatives.
For more information contact:
Sen. Mazzei's Office: 405-521-5675
