(The Center Square) - Oklahoma Gov. Kevin Stitt is calling lawmakers back to Oklahoma City a week before the legislative session begins to consider an income tax cut.
The governor is asking the Legislature to consider a .25% reduction in the personal income tax rate in a special session. The effect of the cut on taxpayers will vary, as Oklahoma has a graduated individual income tax rate that ranges from .25% to 4.75%.
“From day one, I’ve called on the Legislature to give Oklahomans a much deserved tax cut," Stitt said. "With record-breaking savings and a strong economic outlook, there's not time like the present to deliver a pay raise to all Oklahomans. Let’s get this across the finish line before we head into regular session."
General revenue fund collections are $196 million, or 5.1% above estimates, according to the Board of Equalization. The state has $5.4 billion in savings, Stitt said.
Democrats and Republicans called the special session a waste of taxpayers resources.
"I met with the governor and Speaker (Charles) McCall Thursday," said Senate Pro Tem Greg Treat., R-Oklahoma City. "The governor laid out his intentions for a special session regarding tax cuts. I outlined to the governor, we will not know how much money the state will have to spend on a tax cut until the Board of Equalization meets to certify budget numbers in mid-February."
Treat said the Senate will meet for the special session But he doesn't think the outcome will be any different than October, when lawmakers adjourned a special session without passing any cuts.
House Minority Leader Cyndi Munson, D-Oklahoma City, called the special session a "political stunt."
"We have not even completed our agency budget hearings to gain a comprehensive understanding of our state's fiscal picture, including the potential loss of federal dollars post-Covid," Munson said in a statement. "We will have four months beginning February 5 to deliberate fiscal and policy ideas."
via Oklahoma's Center Square News