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Agricultural News


House Republicans Introduce Inflation Relief Bills

Mon, 13 Jun 2022 13:22:30 CDT

House Republicans Introduce Inflation Relief Bills House Republicans introduced a slate of inflation relief bills in special session Monday, reiterating their support for helping Oklahomans overcome the rising cost of goods and services.


"House Republicans support all plans and paths to get Oklahomans the most inflation relief possible," said House Speaker Charles McCall, R-Atoka. "We're going to put more money in Oklahomans' pockets while helping businesses continue to provide them with good-paying jobs."


An array of House bills dealing with personal income tax, grocery tax, business taxes and other inflation relief measures with options to make the policies permanent or temporary were introduced Monday in the third extraordinary session of the 58th Legislature. The bills - to be introduced Monday for first reading, second read Tuesday and voted on by the full House on Wednesday - are:


• HB 1008XXX: Two-year personal income tax reduction from 4.75% to 4.5%, beginning in tax year 2022
• HB 1009XXX: Permanent personal income tax reduction from 4.75% to 4.5%, beginning in tax year 2023
• HB 1010XXX: Permanent personal income tax reduction from 4.75% to 4.25%, beginning in tax year 2023
• HB 1011XXX: Two-year increase of the sales tax relief credit from $40 to $200, beginning in tax year 2022
• HB 1012XXX: Two-year state grocery tax moratorium with no restriction on local changes, effective July 1, 2022
• HB 1013XXX: Two-year state grocery tax moratorium with restriction on local level changes, effective July 1, 2022
• HB 1014XXX: Permanent state grocery tax elimination with no restriction on local changes, effective July 1, 2022
• HB 1015XXX: Permanent state grocery tax elimination with restriction on local changes, effective July 1, 2022
• HB 1016XXX: Permanent state and local grocery tax elimination with no restriction on local changes, effective July 1, 2022
• HB 1017XXX: Permanent state and local grocery tax elimination with restriction on local changes, effective July 1, 2022
• HB 1021XXX: Corporate income tax phaseout over eight years
• HB 1022XXX: Franchise tax suspension
• HB 1018XXX: Inflation relief funding budget adjustment restoring Governor's budget to FY 19 level
• HB 1019XXX: Inflation relief funding budget adjustment restoring Office of Management and Enterprise Services budget to previous fiscal year level
• HB 1020XXX: Inflation relief funding budget adjustment restoring Health Care Authority budget to reflect surplus due to agency receiving larger than anticipated federal matching funds.


"We expect some combination of these bills, but not all of them, to reach the finish line and become law. The House is presenting options to, once again, start and lead a thoughtful conversation on the best path forward for inflation relief," McCall said. "The majority of these options have already passed the House, and we will pass them again plus other options."


McCall added: "All these approaches help Oklahomans, have House support, and are options the governor and Senate can choose from to finalize inflation relief."


The House passed several inflation relief bills in the 2022 regular session. Gov. Kevin Stitt vetoed the measures that passed the full legislative process and called a special session asking for inflation relief.


"House Republicans are proud to continue delivering inflation relief for the people and businesses of Oklahoma. We're going to rise above and make it simple to get this done," McCall said.


The House will convene Monday at 1:30 p.m. for the second special session of the 58th Legislature to consider American Rescue Plan Act appropriations and the third special session of the 58th Legislature to consider inflation relief.



   

 

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