Bergstrom files bill to create a pathway to zero income tax
OKLAHOMA CITY- On Wednesday, Sen. Micheal Bergstrom, R-Adair, filed Senate Bill 1228, a measure that would outline a pathway to eliminate the Oklahoma state income tax. This significant proposal aims to alleviate the burden on hardworking Oklahomans and spur economic growth by fostering job creation within small businesses.
“Personal income tax punishes work, hindering both individuals and businesses from reaching their full potential.” Bergstrom said. “Senate Bill 1228 charts a course toward the gradual elimination of the state income tax, all while implementing safeguards to ensure that essential revenue for public services remains intact.”
The proposed legislation recognizes the critical role small businesses play in job creation and economic development. As most small business profits are taxed as personal income, reducing the state income tax is expected to empower these businesses to expand and generate more employment opportunities.
The proposed pathway to eliminate the state income tax is designed to be methodical and cautious, safeguarding against unintended consequences while aiming for a more business-friendly environment.
SB 1228 can be considered when the legislative session begins on February 5, 2024.