Individual income, corporate tax rates to be reduced under state budget agreement

Tulsa World By Barbara Hoberock

May 14, 2021

OKLAHOMA CITY — State leaders on Thursday announced a 2022 fiscal year budget of $8.3 billion that includes tax cuts, boosts for education and puts more money into the state’s reserve account.

Gov. Kevin Stitt, during a news conference with legislative leaders, said the measure lowers taxes on every single person.

The corporate income tax cut will help the state retain existing corporations and recruit new ones, Stitt said.

The budget announced has state agency increases on the average of 7.22%, said Senate Appropriations Chairman Roger Thompson, R-Okemah.

The budget increases education funding by $171.8 million to aid with class size reductions and textbooks.

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