Groceries are certainly a major role in the energy industry throughout Oklahoma and on Thursday, the Oklahoma State Senate will vote whether to cut the taxes on the food stuffs.
Senate Pro Tem Greg Treat announced Wednesday an agreement had been reached and he ordered the bill to be brought up for a Thursday vote.
“I have long been an advocate for giving Oklahomans relief at the grocery store,” Pro Tem Treat said. “Our caucus had a robust, and lengthy debate over where and how to cut taxes for Oklahomans. While there were many good ideas and different ways to cut taxes we discussed, the caucus has collectively coalesced around cutting the state portion of the grocery tax.”
He said once it is signed into law, it will give Oklahomans relief every time they make a purchase at a grocery store. He called it common sense and a measure that will help everyone.
As for other tax cuts, don’t look for them to be received with open arms by Treat.
“To be clear – this is the only tax relief the Senate will be seeking this year. To ensure state services and recent critical investments in education and infrastructure remain intact in the long and short term, there is no way to do more at this time,” he said in his statement issued Wednesday.
“I appreciate my Senate colleagues who have worked on this issue for months and who also agree this is the best path forward. We have done a tremendous job of holding the line and not giving in to cheap political wins or rhetoric that would have put the state on the wrong fiscal path.”
Eliminating the state portion of the grocery tax will save Oklahoma taxpayers nearly $400 annually. If signed into law, the anticipated effective date would around the end of August.
According to estimates, eliminating the grocery tax would save average Oklahomans 5.5 times more money than a 0.25% income tax cut.
“This is the most beneficial piece of legislation that will impact the most Oklahomans in our state,” Pro Tem Treat continued. “This gives real relief this year. I look forward to voting on this measure tomorrow morning and seeing the governor sign it into law.”
Source: Senate press release