State House Speaker Todd Hiett tax plan would reduce state income tax rate

Wednesday, February 23rd 2005, 11:04 am
By: News On 6

OKLAHOMA CITY (AP) _ House Speaker Todd Hiett is proposing a $100-million cut in state income taxes and says he'll push for quick approval of Governor Brad Henry's tax relief plan.

Hiett's proposal would cut the state's top income tax rate from 6.65% to 6.25% beginning next year.

Henry's plan includes a rebate of up to 100-dollars for each Oklahoma taxpayer, It also includes cuts in estate taxes, income taxes of retirees, capital gains taxes of businesses and sales taxes on back-to-school purchases.

Hiett, a Republican, says he would have proposed more tax relief than is in the Democratic governor's proposal, but says he can support the governor's plan.

The governor's proposals are pending in the state Senate. Hiett's bill goes to the state House Revenue and Taxation Committee for a hearing next week.