Governor Brad Henry's tax plan clears first hurdle

OKLAHOMA CITY (AP) -- A tax-cut plan that includes some of Gov. Brad Henry's proposals was passed by the state Senate Finance Committee on Tuesday.<br/><br/>Sen. Jay Paul Gumm's measure would increase

Tuesday, February 8th 2005, 2:33 pm

By: News On 6

OKLAHOMA CITY (AP) -- A tax-cut plan that includes some of Gov. Brad Henry's proposals was passed by the state Senate Finance Committee on Tuesday.

Sen. Jay Paul Gumm's measure would increase the standard deduction on state income taxes for the first time since 1971.

"Our goal is to quickly pass the bill on the Senate floor and send it to the House for their consideration," said Gumm, D-Durant.

The plan includes a sales tax holiday on back-to-school items, reduced taxes on retirees and elimination of the corporate capital gains tax on Oklahoma-based property -- items that also a part of the governor's program.

Henry continues to push for other tax-relief measures including a rebate plan that would provide rebate checks of up to $100 dollars to taxpayers.