Proposed $8.3B Oklahoma state budget includes tax cuts, increased education funding

The Oklahoman By Carmen Forman May 13, 2021

State lawmakers and Gov. Kevin Stitt have agreed to an $8.3 billion state budget for the upcoming fiscal year that increases education funding, socks away roughly $800 million in savings, and cuts corporate and personal income taxes.

In a news conference Thursday, legislative leaders stood alongside Stitt to announce the proposed budget for the fiscal year that begins July 1.

An unexpected surge in state revenues means that instead of having to cut budgets, like the Oklahoma Legislature did last year, state leaders can make targeted investments and increase state agency budgets by 7% on average.

The proposed budget is roughly a half-billion-dollar increase from the $7.8 billion budget for the current year that included 4% cuts to most state agencies.

View the full article: Oklahoman.com