State House speaker pushing for abolition of estate tax
Wednesday, August 24th 2005, 5:40 pm
News On 6
OKLAHOMA CITY (AP) -- House Speaker Todd Hiett says he wants to abolish the state estate tax next year.
The Kellyville Republican says the estate tax, or inheritance tax, is hurting the state economically since all bordering states have abolished the tax. Eliminating the tax would cost the state $80-million a year.
Hiett says his family lived in fear of losing the family farm when his grandparents died. Government officials challenged the property values listed on estate tax forms.
Hiett says the tax makes it difficult to attract retirees who bring wealth to the state.
Governor Brad Henry proposed a less extensive estate tax cut last year. Henry says the tax loss must be considered as lawmakers try to pay for teacher pay raises and other commitments.