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The proposal was the first Senate bill filed ahead of the 2025 legislative session, which starts in February.
In full view was the majority party's disagreement over the wisdom of an income tax cut and ... Oklahoma's budget-making process — now open to public view — has proven contentious, with some ...
"Last year, I called on the Legislature to cut the personal income tax from 4.75% to 3.99%. I’ve called three special sessions to try and give Oklahomans a pay raise," Stitt said.
For FY 2011, the state government is projected to collect approximately $5 billion in tax revenue, up 8.29% versus FY2010 revenues of $4.6 billion. Primary receipt categories included: [1] Individual income taxes (1.7B or 34%) Sales taxes (1.6B or 32%) Gross production taxes (434M or 10%) Corporate income taxes (172M or 3%) Motor Vehicle taxes ...
Oklahoma first enacted an individual income tax in 1915 and then a corporate income tax in 1931. Income taxes are steadily increased as a major State revenue source since 1933 when the Oklahoma Constitution was amended to prohibit State-level taxation of property. Income taxes are now the largest source of revenue for the State government ...
The state budget for fiscal year 2010 began with a decrease in tax revenues of almost $310 million, or 4.4%, from the previous fiscal year. A primary reason for this decrease was enactment of House Bill 1172 in 2006. HB1172 enacted the largest tax cut in state history by lowering the state income tax rate from 6.25% in 2006 to 5.25% in 2011.