Oklahoma Council of Public Affairs President Jonathan Small issued the following statement today on Senate Bill 1595, which repeals an existing property tax exemption for manufacturers. The Legislature has approved the bill and sent it to Gov. Kevin Stitt, who has not yet acted on the measure.
“Oklahoma desperately needs to reform its outdated tax code and reform state-and-local tax policy. Such an effort is a must if Oklahoma is to become regionally competitive. One reason that Texas so often beats Oklahoma in recruitment of jobs and business is that Texas has no personal income tax, which is better described as a penalty on work. But tax reform must be comprehensive and include reduction and elimination of rates while at the same time removing current exemptions and tax credits. We appreciate the necessary conversation SB 1595 is starting, but it must be a complete conversation. As a result, we encourage the governor to veto the bill. That will allow work to begin on a complete, well-constructed tax reform plan that can be implemented next session.”
The Oklahoma Council of Public Affairs (OCPA) is a free market think tank committed to advancing principles and policies that support free enterprise, limited government, and individual initiative.