Oklahoma City, Oklahoma 73105
For Immediate Release: February 18, 2014
Sen. Kyle Loveless
Senate Finance Committee approves .25 tax
A bill to lower the state’s top income tax rate
by .25 percent beginning in 2015 has cleared its first hurdle in
the Senate. Sen. Kyle
Loveless, R-Oklahoma City, is the principal author of Senate
Bill 1246. The measure was approved on a bipartisan vote by the
Senate Finance Committee on Tuesday.
“This tax reduction enables citizens to keep more of what
they earn while telling the nation we are ready and open for business,”
said Loveless. “But I also believe it needs to happen in a
thoughtful way that ensures we can continue to fund core services
like education and public safety. This bill addresses all of these
SB 1246 will reduce the state’s top income rate from the current
level of 5.25 percent to five percent for tax year 2015 and beyond.
The legislation also includes a reform, ending the practice of “double-dipping,”
whereby a taxpayer may claim a deduction for their state income
tax on their state tax return as well as on their federal return.
Oklahoma is one of only six states that allows this practice.
“This is a common sense reform that will bring us into line
with what other states are doing,” Loveless said. “By
combining this reform with a tax reduction, we’re taking a
prudent approach that will help our citizens and create jobs while
still remaining sensitive to the current budget dynamics we’re
SB 1246 will now move to the full Senate for further consideration.
For more information, contact:
Sen. Loveless: (405) 521-5618