Oklahoma City, Oklahoma 73105
For Immediate Release: March 13, 2012
Sen. Mike Mazzei
Senate approves bill lowering state income tax
The full Senate has given approval to a measure that would lower
the state’s personal income tax rate over a two year period.
Senate Bill 1623, by Sen. Mike
Mazzei, R-Tulsa, was approved Tuesday. Mazzei said the measure
will enable citizens to keep more of their hard-earned money and
make Oklahoma more attractive for job creation.
“We are continuing to review and modify this legislation so
that at the end of this process, we will have a plan that truly
lowers taxes for hardworking Oklahomans and ensures the funding
of core government services through the elimination of special interest
tax subsidies,” Mazzei said. “The plan will not raise
taxes on retirees or military, and the working poor will not see
a higher tax bill either. This bill will promote job-growth, create
prosperity, and a better quality of life for our citizens.”
Mazzei, Chair of the Senate Finance Committee, said SB 1623 would
lower the state’s income tax from 5.25 percent to 4.75 percent
over a two-year period. Mazzei said additional language includes
a trigger to lower the tax rate again to 4.5 percent upon revenue
growth of 4 percent over and above fiscal year 2011 tax collections.
Senate Pres. Pro Tempore Brian Bingman said reducing the income
tax was key to creating a more prosperous future for the state.
“Putting more money back in the pockets of hardworking people
is the right thing to do for a competitive Oklahoma in the 21st
century,” said Bingman, R-Sapulpa. “I want to commend
Senator Mazzei for proposing a bold plan of action to cut taxes
and grow our economy—he knows private sector individuals and
families, not government bureaucrats, are the real innovators, entrepreneurs,
and drivers of our economy. Oklahomans have told us time and again
they are hungry for a meaningful tax cut, and Senate Republicans
have every intention of delivering for them.”
SB 1623 now moves to the House of Representatives for further consideration.
For more information contact:
Sen. Mazzei: (405) 521-5675