Gov. Stitt signs bills to cut taxes for Oklahomans, increase education investment

Updated: May. 21, 2021 at 10:27 PM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

OKLAHOMA CITY, Okla. (KSWO) - Governor Stitt signed legislation Friday meant to lower income taxes on individuals and businesses and increase investment in education.

The first bill lowers income taxes on individuals and businesses, cutting individual tax rates to just under 5%, and corporate rates to 4%.

“I am proud to sign legislation that lowers taxes and lets hardworking Oklahomans keep more of their money. 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.”

Governor Kevin Stitt

The second bill makes improvements to the Equal Opportunity Scholarship Act, which provides tax credits to donors who voluntarily contribute funds to support education.

It will raise the amount of tax credits available for the program to $50 million, with $25 million for public schools and $25 million for private schools.

Those grants will be available to families for private schools and by public schools for innovative programs or classroom support.

“Over the past year, it’s become even more clear that education is not one-size-fits-all. Parents and students across Oklahoma want more options, and this program helps create more opportunities for kids to attend the school that best fits their needs.”

Governor Kevin Stitt

These bills are a part of the state’s recently announced budget agreement and will go into effect in January.

Copyright 2021 KSWO. All rights reserved.