Governor Brad Henry proposes tax relief package
Tuesday, February 1st 2005, 10:13 am
By: News On 6
OKLAHOMA CITY (AP) -- Gov. Brad Henry proposed a tax relief package Tuesday that would include a rebate of up to $100 to every taxpayer and an injection of money into a high-tech research endowment.
The plan would be funded by excess revenue in years when the state's rainy day fund is full. This excess revenue is normally held for the following year's budget. There is expected to be about $200 million in excess revenue this year.
Henry unveiled his plan at an Associated Press legislative symposium. The proposal will be submitted to the Oklahoma Legislature, which begins a new session on Feb. 7.
Estimates indicate Oklahoma taxpayers would each get a rebate check of between $50 dollars and $100 dollars this year under the proposal, which also includes a sales tax holiday for back-to-school purchases and an expanded income tax exemption for retirees.