Oklahoma City, Oklahoma 73105
For Immediate Release: April 22, 2014
Sen. Mike Mazzei
Full Senate approves House tax cut bill
The full Senate has given its approval to legislation
that would reduce Oklahoma’s top income tax rate by .25 and
the corporate income tax rate by 1 full percentage point. House
Bill 2508, by Sen. Mike
Mazzei, was approved Tuesday. A Senate bill aimed at reducing
income taxes is awaiting action by the full House.
“I think a lower tax rate tells prospective companies that
Oklahoma is ready to compete and open for business,” said
Mazzei, R-Tulsa. “It’s one more tool we’ll have
for attracting new jobs and spurring greater economic growth, and
that in turn will generate more revenue for core services like education,
transportation and public safety.”
Mazzei, long-time Senate Finance Committee Chairman, said there
are differences between the House and Senate tax cut proposals.
HB 2508 would reduce the top income tax rate from 5.25 to 5 percent,
and cut the state’s corporate income tax rate from 6 percent
to 5 percent.
SB 1246 would not reduce corporate income taxes, but would allow
for a further reduction in the individual income tax rate of .15
percent if there’s enough revenue growth, taking the top rate
from 5.25 to 4.85 percent. Mazzei said both bills have triggers
requiring specific revenue levels before the cuts could go into
effect, with 2016 the earliest year the cuts could be implemented.
The principal House author of HB 2508 is Rep. Earl Sears, Vice
Chair of the House Appropriations and Budget Committee.
“I’m pleased the Senate approved this responsible tax
cut for the hard working people of Oklahoma,” said Sears,
The measure now returns to the House of Representatives.
For more information, contact:
Sen. Mazzei: (405) 521-5675