Governor Kevin Stitt signed bills on Friday that he says will make Oklahoma more attractive to businesses.
House Bill 2962 will cut the state's income tax rates by a quarter of one percent and House Bills 2960 and 2963 will drop the corporate income tax by two percent.
“I am proud to sign legislation that lowers taxes and lets hardworking Oklahomans keep more of their money,” said Gov. Stitt. “I’ve pledged to make Oklahoma a Top Ten state for business and making our business taxes among the lowest in the nation is another tool that will help us continue to recruit and retain companies.”
Right now the cap for state-income tax is 5% but once this becomes law in 2022, it will become 4.75%.
The corporate income tax will be reduced from 6% to 4%.