Gov. Stitt wants both an income tax cut and the elimination of the grocery sales tax. It seems that State House leadership agrees with him, but State Senate leaders want only the grocery sales tax cut. Who will prevail?
OKLAHOMA CITY (February 15, 2024) - Today, Governor Kevin Stitt released the following statement urging the Oklahoma Legislature to advance tax cut legislation after the Oklahoma State Board of Equalization (BOE) certified the Legislature will have $11.1 billon in authorized funds for FY 25:
"It's no accident Oklahoma has record-breaking state savings, higher than expected revenue, and an objectively strong fiscal outlook from three of the nation's top credit agencies. These accomplishments are the result of our conservative approach to governance, and every Oklahoman will benefit once the Legislature cuts their taxes and delivers a pay raise.
“Oklahomans are already asking: 'How much money does the state need?' Make no mistake, today's news from the Board of Equalization is not an invitation for the Legislature to spend all $11.1 billion. We must continue to practice fiscal conservatism by returning excess revenue back to Oklahomans in the form of tax cuts.
“Oklahomans have waited long enough for a pay raise and for relief at the grocery store. It’s reassuring to see legislation in both chambers. There are no more excuses, let’s get those passed. I’m ready to sign any tax cut that comes to my desk."
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