Stitt calls a third special session to consider income tax cut
(KTEN) — Oklahoma Gov. Kevin Stitt is hoping the third time is a charm, calling state lawmakers back to the Capitol for another special session on Monday to consider a 0.25 percent state income tax cut.
The Republican governor says the State of Oklahoma has more than $5 billion in savings.
Due to the state's surplus of funds, Stitt says tax cuts are the way to go, as opposed to increasing spending.
"We would need about a 3.7 billion dollar savings account to weather any economic, historic downturn," Stitt said. "Last year we set aside $600 million of what we call a legacy fund to allow our state agencies to borrow from. I'm also proposing a billion dollars to set aside, which would be five full years of a quarter-a-point tax cut."
On two previous occasions, Stitt has called for some sort of income tax reduction. A measure passed in the House, but not in the Senate.
Senator Jerry Alvord says the senate is in favor of tax cuts, but wants to do it the right way.
"Constitutionally, we are expected to wait for the Board of Equalization to come out with the numbers in mid-February so that we know exactly what numbers we can work with," Alvord explained. "So, we, in the senate, want to get relief in a tax cut to the people. We do not want to create ourself a problem down the road."