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House Speaker Charles McCall and Appropriations and Budget Chair Kevin Wallace introduced their chamber’s proposed state budget for Fiscal Year 2025 Tuesday, but the inclusion of an income tax cut and a $1 billion gap between the House and Senate plans, means the fight over how to spend state tax dollars continues.
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A tax burden isn’t the dollars and cents you pay in taxes. Instead, it’s the proportion of total income you pay toward state and local taxes.
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House Republicans are pushing the conversation about more tax cuts forward with a slate of bills passed late last week. The Senate’s proposed budget, however, doesn’t account for slashes to any more of Oklahoma’s revenue streams.
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A cut to Oklahoma’s grocery tax has been widely praised. But one small piece of the new law cutting taxes could have an outsized impact on the state’s cities and towns. The problem is in the state's founding document, one mayor says.
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Gov. Kevin Stitt signed a bill eliminating the state’s portion of the grocery tax into law Wednesday. Questions around the likelihood of a state income tax cut being next remain.
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After long delays in considering any tax cut measures, the Senate passed an elimination of the state portion of the sales tax on groceries. Next on the menu for the House is an income tax cut, but Senate leadership has no appetite for cutting more revenue streams.
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Legislative leaders remain at an impasse on approving tax cuts after the latest certification of the state budget Thursday.
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House Bill 1002 passed on a 71 to 20 party-line vote. It represents a quarter of a percent income tax cut. But, the bill is unlikely to go anywhere – for the moment – as Senate leaders look to use their support for the measure as leverage on other legislative priorities.
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The Oklahoma House on Wednesday approved a personal income tax cut in a special legislative session, despite uncertainty about whether the state Senate will vote on the issue.
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State lawmakers entered into special session Monday to discuss a quarter of a percent income tax cut for Oklahomans. Immediate changes to the tax code are unlikely. But Senate Pro Tem Greg Treat says a future tax slash could be coming.