Oklahoma governor signs bills to slash income tax rates
May 21, 2021
OKLAHOMA CITY (AP) — Oklahoma Gov. Kevin Stitt signed a package of bills on Friday to cut the corporate and top individual income tax rates and to restore the refundability of the earned income tax credit.
The bills were part of a budget agreement announced with Republican legislative leaders last week.
Restoring the refundability of the earned income tax credit aims to help low-income Oklahomans.
According to a House analysis of the bills, the tax cuts are expected to cost the state about $330 million in revenue each year once fully implemented.
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