House speaker McCall files multiple personal tax cut bills

OKLAHOMA CITY (KFOR) - Oklahoma House Speaker Charles McCall, R-Atoka, says a series of tax cut plans are filed and ready for passing in the upcoming legislative session.

Speaker Charles McCall, R-Atoka, has filed multiple pieces of legislation regarding personal income tax cuts as the second regular session of the 59th Oklahoma Legislature convenes on Monday, Feb. 5.

"Everyday Oklahomans continue to feel the effects of destructive federal economic policies on their wallet, and they desperately need relief," McCall said. "The House has passed numerous tax cut bills to the Senate during multiple regular and special sessions throughout the last three years, and these new bills represent our latest attempt to get meaningful tax cuts passed and to the governor's desk. Our state is in a strong position both economically and in regards to savings, so now is the perfect time to pass tax cuts and let the citizens of Oklahoma keep more of their hard-earned money."

The bills include:

• HB 2948, which proposes a corporate income tax phase out over five years.
• HB 2949, which proposes a flat rate 4.25% personal income tax effective Jan. 1, 2024; rate imposed on taxable income amounts above specific figures based on filing status.
• HB 2950 – .25% personal income tax decrease effective Jan. 1, 2024, and following tax years.
• HB 2951 – .25% personal income tax decrease for 2024 and 2025, with rates to restore to current level (current rates and brackets) for 2026, and following tax years.
• HB 2952 – .50% personal income tax decrease for 2024 and 2025, with rates to restore to current level (current rates and brackets) for 2026, and following tax years.

Previous tax cut legislation that has been passed by the House and is currently awaiting action in the Senate includes:

• HB 1953 – As amended, eliminates the current standard deductions and changes the personal income taxing framework from a bracket based system to a flat rate system. For tax year 2024 and 2025, sets the flat rate at 4.25%, with the rate imposed on taxable income amounts above specific figures based on filing status.
• HB 1954 – .50% personal income tax decrease effective Jan. 1, 2024, and following tax years.