Senate Bill Would Cost Less, Cut More
Senate bill would slash income tax to 4.75 percent
BY BARBARA HOBEROCK World Capitol Bureau
Friday, February 08, 2013
2/8/2013 6:11:10 AM
OKLAHOMA CITY – A tax-cut proposal by a Tulsa lawmaker would cost less than one being touted by Gov. Mary Fallin because it would eliminate some tax credits, Senate President Pro Tem Brian Bingman said Thursday.
Bingman, R-Sapulpa, and House Speaker T.W. Shannon, R-Lawton, discussed the first week of session with reporters on Thursday.
In her State of the State address Monday, Gov. Mary Fallin proposed reducing the state income tax rate to 5 percent from 5.25 percent. Her proposal is not tied to revenue growth or the elimination of tax credits.
I like this better than the 5% proposal. We need to paint with bold colors, not pale pastels. We also need to show that we can do better than our good neighbors to the north. However, I do suggest that we not pitch out all the credits without sorting through them to see which ones bring in a return that is greater than their cost. Some – probably many – aren’t worth much, but a few are. I’m thinking of the movie credit in particular, since it brought a couple of big-time movie productions to northeast Oklahoma. Those folks spent beaucoup $ locally.