Oklahoma’s Republican Governor Kevin Stitt is expected to sign a new bill that will eliminate the state’s grocery tax. Here report.
The state Senate passed it 42-2 on Thursday. House Bill 1955According to Senate Pro Tem Greg Treat, this could save Oklahomans up to $400 a year. He said the “common sense” bill would save residents an average of 5.5 times more than a 0.25% tax cut.
“I think relief will come in late August, and this will be faster and more substantial relief than other proposals that have been put forward in this agency,” Treat said. “Some may view this $418 million annual impact as a revenue loss, and that’s fine. We need to be good stewards of our taxpayers’ money, but if Oklahomans make $418 million a year, that’s fine. I want you to think of it as an increase in dollars” in your pocket so you can feed your family. ”
According to the U.S. Census Bureau, the average Oklahoma resident spends $300 a month on groceries. Here report. Her family of four, which spends about $1,200 a month on food, or about $14,400 a year, could save $648 a year under the new law.
House Speaker Charles McCaul (R) praised the bill’s passage.
“With the passage of House Bill 1955, Congress succeeded in giving Oklahoma the largest single-year tax cut in Oklahoma history, returning $411 million to the people of Oklahoma at a time when they needed it most. ,” McCall said.
Republican state Sen. Roger Thompson voiced opposition to the bill, calling it a “political move” that would prevent local governments from voting on sales tax increases until at least June 2025, KOCO reported. Ta.
“I argued that bumper stickers and election cards look better than the state budget,” Thompson explained. “Because of our history and the needs of this state, and because there is a preemption clause in this law that says even my struggling town cannot impose a sales tax for a year.”
If passed, the bill is expected to go to the governor’s desk, where he will sign it into law.
on thursday statement“Today, we delivered on our promise to all 4 million Oklahomans and passed the largest single-year tax cut in Oklahoma history,” Stitt said. “The grocery tax cut means relief for all Oklahomans. I will.”
The governor thanked McCall, Treat, the state House of Representatives, and the Senate for “fighting for tax cuts.”
“I will always fight for government limits and tax cuts, and I will continue to advocate for a path to zero income tax. This is a victory I look forward to celebrating,” Stitt said. added.
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