Oklahoma’s Grocery Tax Set to Disappear Under New Legislation
State Senate Overwhelmingly Approves Bill, Promising Significant Savings for Residents
According to Blazemedia, Oklahoma’s Republican Governor Kevin Stitt is set to sign a house bill into law abolishing the state’s grocery tax as per KOCO report. Oklahoma’s State Senate overwhelmingly approved House Bill 1955 with only two opposing votes. According to Senate Pro Tem Greg Treat, this house bill is considered practical and could potentially save Oklahoma residents an average of $400 each year. Treat emphasized that the benefits provided by this legislation would be significantly greater than a 0.25% tax cut with savings being more than five times higher.
Senate Pro Tem Greg Treat stated that the relief from House Bill 1955 would arrive in late August offering faster and more substantial assistance compared to other proposals. He emphasized that while some view the annual impact of $418 million as revenue loss, it should be seen as a significant increase in what Oklahomans retain to provide groceries for their families.
KOCO reported that according to the United States Census Bureau, the average Oklahoma resident spends $300 per month on groceries. A family of four spending around $1,200 per month or $14,400 annually on food could save $648 each year under the new legislation.
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Oklahoma Lawmakers Divided Over Historic Tax Cut Bill
House Speaker Charles McCall hailed the passage of House Bill 1955 highlighting it as the largest single-year tax cut in Oklahoma’s history. He emphasized that the legislation would return $411 million to citizens at a crucial time providing much-needed relief.
Republican state Senator Roger Thompson criticized the house bill, labeling it a “political move.” He expressed concerns that it would halt local governments from proposing sales tax increases until at least June 2025. The house bill now awaits the governor’s expected signature to become law. The governor expressed gratitude to legislative leaders for their efforts in advocating for tax cuts.