OKLAHOMA CITY – The Oklahoma House of Representatives approved a measure that would reduce the tax burden on the people of Oklahoma.
House Bill 2032 calls for a quarter-point reduction to personal income tax. The current tax rate is 5.25 percent, and this bill would bring the rate down to an even five percent. Governor Mary Fallin called for this measure in this session’s State of the State Address.
“It is important that Oklahomans hold on to more of their hard earned tax money,” said House Speaker T.W. Shannon. “People with more money in their pockets either save, invest or spend those dollars. This is good for the economy and previous income tax cuts have sparked record revenues and prosperous growth here in Oklahoma.”
Speaker Shannon, R-Lawton, said reducing the state income tax would make Oklahoma more competitive with other states in the region and help attract a skilled and educated workforce.
House Bill 2032 will now move on to the Senate .