The Time is Now to Cut Taxes’: Governor Stitt Lays Out His Proposed Tax Reform Policy

OKLAHOMA CITY, Okla. (KOKH) — On Friday Governor Stitt announced a company that is confirmed as Panasonic has signed a contract to receive a nearly $700M state incentive.

But as the education budget and tax cut numbers are tied up in current negotiations between the legislature, many are wondering what the state can actually afford.

It’s a topic that’s on many Oklahoman’s minds as they file their taxes this week.

The Governor is again asking the legislature to send over a tax cut to his desk.

“The time is now to cut taxes,” Gov. Stitt said.

The rhetoric hasn’t changed, but over time the Governor’s tax plan has evolved.

Talking to the media he laid out the details for a possible income tax reduction, a lower corporate tax and grocery tax elimination.

The House passed a bundle of tax cuts both last year and in this session, and continues to be on board with some of the concepts.

“We can’t forget about that taxpayer. We need to do something to get them some relief,” House Speaker Charles McCall said. “And it just so happens that we’ve sent a buffet of bills over to the Senate, and we’ll see what they come up with.”

The Senate is still taking its time on the matter to make sure the state can afford education reform, tax cuts, and possible economic developments.

“We need to be very cautious on whatever we spend this year. We have $1.1B over last year’s authority, but we still see declining projections in the 3rd and 4th quarter,” Senate President Pro Tem Greg Treat said.

When it comes to the projections on how much this could actually cost the state, there’s some pushback from lawmakers.

The Senate doesn’t have a tax cut on the table. The House has a few options, but their numbers don’t match the Governors.

With a record-high surplus, Governor Stitt is hoping the state budget will move the needle on improving Oklahoman’s personal budgets.