Oklahoma Governor Kevin Stitt boosts tax cuts for taxpayers after $11.1 Billion certification

Responding enthusiastically to a strong surge in state government tax resources, Oklahoma Governor Kevin Stitt again urged the Oklahoma Legislature to advance tax cut legislation.After the Oklahoma State Board of Equalization (BOE) certified $11.1 Billion in authorized funds for Fiscal Year 2025, the governor said, in comments sent to CityNewsOKC:”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.”In this State of the State address at the start of the legislative session, Gov. Stitt hadsaid, “Because as we have growth, it should be automatic to return excess to the taxpayers, not to seek out bigger government programs. People are moving here every single day from states like California because they see opportunity and they see freedom and they see they can keep more of their hard earned money. It’s not tax cuts that will get us in trouble, it’s the unrestricted growth of government.”( https://www.citynewsokc.com/business/2024-state-of-the-state-as-prepared-for-delivery/article_50c98f4c-c45a-11ee-8e31-9f18d18e6eb9.html )In the weeks leading up to the State of the State, as Ray Carter of the Center for Independent Journalism reported, “For most of two years and across three special legislative sessions, Governor Kevin Stitt has urged lawmakers to reduce Oklahoma’s personal income tax — not only to fuel greater economic growth but also to raise Oklahomans’ take-home pay during a time of historic inflation.”“If you don’t cut taxes when revenue is up, I just don’t know when you do it,” Stitt said.( https://www.citynewsokc.com/government/stitt-time-to-cut-oklahoma-taxes-is-now/article_1417b3c8-b7dd-11ee-aaee-6f1de22e8231.html )In his statement after the BOE certification, Stitt affirmed:“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.”As is now a tradition at the State Capitol in Oklahoma City, Senate President Pro Tempore Greg Treat, R-Oklahoma City, disagreed with the broad, incremental tax cut the state’s chief executive has advocated.The leader of the upper chamber — the longest-serving pro tempore in state history — issued a statement in wake of the BOE meeting in which he renewed his opposition to an incremental income tax cut. Treat made it clear he does not agree with advancing the goal of the governor and many conservative policy analysts to put the state on a glide path toward elimination of the levy.In a statement sent to CityNewsOKC, Treat said, “While the certified numbers are positive, we must be sober-minded and realize we cannot have both a grocery tax cut and an income tax cut this year.”Stitt affirmed his support for grocery tax relief — and position he has articulated throughout his time in statewide office. He also pointedly included broader tax cuts for taxpayers in his statement yesterday, saying:“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.”

Story continues

TRENDING NOW

LATEST LOCAL NEWS