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Gov Stitt To End Federal Unemployment Benefits Early, Offers Job Seekers $1,200 Reward
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Gov Stitt To End Federal Unemployment Benefits Early, Offers Job Seekers $1,200 Reward
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Budget features tax cuts, more for education and savings By: Trevor Brown Oklahoma Watch May 14, 2021
A new budget unveiled for the state reduces corporate income tax from 6% to 4% and was crafted to make Oklahoma more attractive for investment by business and industry, Gov. Kevin Stitt and Republican leaders say. (Photo by Science in HD on Unsplash)
You almost wouldn’t know Oklahoma was coming out of a pandemic and financial downturn based on a state budget agreement Gov. Kevin Stitt and GOP lawmakers unveiled Thursday.
The $8.3 billion spending plan avoids any cuts to the state budget, slashes taxes for low and high earners and puts hundreds of millions back into the state’s rainy day account.
Oklahoma s budget is racing to Gov. Kevin Stitt s desk as powerful committees started some work Friday and as reactions pour into the $8.3 billion deal. Lawmakers expect the House of Representatives and then the Senate to vote on the budget around the middle of next week, clearing the way for it to hit Stitt s desk as soon as next Friday.Budget committees started some of the work Friday, but the bulk of it is expected to happen early next week when the final language is written. But at this point, there is an agreement to restore cuts made because of the COVID-19 pandemic and to replenish the state s savings account to more than $1 billion.Oklahomans state taxes will almost certainly drop from 5% to 4.75%, and the corporate tax will also be cut. Your children s school will probably get a funding boost with a historic investment that will trigger smaller classes in kindergarten and first grade.Stitt and top Republicans praise the budget.House Minority Leader Emily Virgin, D-Norm
State Budget Proposal Includes Tax Cuts, Historic Education Funding
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