May 25, 2021 Janelle Cammenga
Last Friday, Oklahoma Governor Kevin Stitt (R) signed House Bills 2960, 2962, and 2963 into law as part of a budget agreement, bringing the legislature’s tax plans across the finish line. These bills will reduce the state’s corporate and individual income tax rates beginning in tax year 2022.
House Bill 2960 reduces the corporate income tax from 6 percent to 4 percent. Among states with a typical corporate income tax, Oklahoma will now be tied with Missouri for the second lowest rate in the nation beat only by North Carolina’s 2.5 percent. (Lawmakers in North Carolina are currently considering a proposal to phase out the state’s corporate income tax altogether.) House Bill 2963 applies these new rates to pass-through businesses.
The failure by city and state authorities in Tulsa, Oklahoma, to provide comprehensive reparations has compounded the harms of the May 31, 1921 Tulsa race massacre on its upcoming centennial.
Oklahoma Gov Kevin Stitt Blames Biden for Chick-Fil-A Sauce Shortage in Re-Election Fundraising Appeal newsweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsweek.com Daily Mail and Mail on Sunday newspapers.