Senate approves series of tax-cut measures
Tuesday, March 7th 2006, 6:37 pm CST
OKLAHOMA CITY (AP) The Oklahoma Senate on Tuesday passed bills cutting income taxes of retirees, estate taxes and establishing a sales tax holiday on back-to-school purchases.
The measures all go to the House and will wind up in a joint conference committee, where leaders will try to agree on tax reductions this year. A raft of tax-cut plans have advanced through the House and Senate.
Under one bill approved by the Senate on Tuesday, most retirees would pay no income taxes.
For single retirees, $25,000 of income will be exempt from the income tax. For married couples, the exemption would $50,000.
Another bill would exempt back-to-school purchases from the sales tax for three days on the first weekend of August.
The third proposal would allow collateral heirs, such as nieces and nephews, to have the same $1 million estate tax exemption allowed for lineal heirs, such as sons and daughters.