Morgan Comments on State’s Tax Reforms

State Chamber President Comments on Committee Passage of Business Tax Changes

OKLAHOMA CITY (Feb. 19, 2013)—State Chamber President Fred Morgan comments on the passage of Senate Bill 341, which repeals the Oklahoma franchise tax; Senate Bill 339, which puts in place a sliding scale for Oklahoma’s corporate income tax; and Senate Bill 660, which extends a manufacturing tax exemption.

“The reforms in this legislation were ideas collected directly from business owners at our six statewide Small Business and Manufacturer Summits we held last year with Lt. Gov. Todd Lamb. It is important that our state’s tax code be competitive with other states—especially those in our region—as we compete to attract and retain jobs,” said Morgan. “These bills will lower the tax burden on small businesses in Oklahoma, which will help grow our state’s economy and give those business owners the capability to reinvest in their companies, hire more people and raise wages.”

Senate Bill 341 passed 9-3; Senate Bill 339 passed 11-1; and Senate Bill 660 passed 10-2, all out of the Senate Finance Committee today. The bills will now move to the Senate for further consideration.

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CONTACT:
Jennifer Monies
SVP Communications and Marketing
jmonies@okstatechamber.com
405-272-4432