Deevers Introduces Income Tax Elimination Bills, Other Tax Cuts

Deevers Introduces Income Tax Elimination Bills, Other Tax Cuts

OKLAHOMA CITY — Sen. Dusty Deevers, R-Elgin, has introduced a series of bills aimed at significantly reducing taxes for Oklahomans, including proposals to eliminate both individual and corporate state income taxes.

Proposed Legislation

  • SB305: Immediate elimination of the state individual income tax.
  • SB322: Immediate elimination of the state corporate income tax.
  • SB308: Gradual reduction of the individual income tax by 1% per year, aiming for complete elimination by 2029.
  • SB323: Gradual reduction of the corporate income tax by 1% per year, targeting elimination by 2028.
  • SB311: Reduction of the gross production tax on the oil and gas industry from 7% to 5%.
  • Various tax credits for Oklahoma families and family-oriented initiatives, including SB228, SB281, and SB328.

Sen. Deevers emphasized the potential benefits of these tax cuts, stating, “Eliminating the state income tax could save the average Oklahoma household $2,000 to $3,000 per year. This move will empower families, boost local businesses with reinvestable capital, and position the state as a premier destination for talent, innovation, and enterprise.”

Current Tax Context

Oklahoma's current individual income tax rates range from 0.25% to 4.75%, while the corporate income tax rate stands at 4%. According to state revenue data, the General Revenue Fund collected about $8.5 billion during Fiscal Year 2024, with income taxes accounting for a significant portion of this revenue.

Challenges and Collaboration

Deevers acknowledged the challenges in repealing the income tax but expressed a willingness to collaborate with colleagues who have introduced similar bills. "While there is some disagreement about how to get it done, thankfully, there is a growing consensus that the state income tax needs to be repealed," he said.

He also criticized the income tax system, referring to it as a “labor tax” that disincentivizes productivity and innovation. Deevers argued for a shift towards limited, consumption-based taxes, suggesting that with a combination of spending cuts and such taxes, substantial tax cuts are achievable.

Financial Landscape

Oklahoma enacted a $12.47 billion budget for Fiscal Year 2025, slightly less than the $13.18 billion budget for FY 2024. Additionally, the state’s two main savings accounts contain just over $2 billion, providing a financial cushion as lawmakers consider these significant tax policy changes.

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