Proposal to Cut Corporate Income Tax Eliminated/but Another Cut Approved

By Tipton, David | THE JOURNAL RECORD, February 25, 1987 | Go to article overview

Proposal to Cut Corporate Income Tax Eliminated/but Another Cut Approved


Tipton, David, THE JOURNAL RECORD


A proposal toreduce the corporate income tax from 5 percent to 4 percent was eliminated Tuesday in the Oklahoma House Revenue and Taxation Committee, while a proposal to decrease the personal income tax by 6 percent was approved by a 15 to 7 vote.

Discussion of these proposals revolved around the original version of House Bill 1061, authored by Rep. Walter Hill, R-Turpin. Besides calling for a 6 percent increase in the gasoline tax, the bill also proposed reduction of the corporate tax from 5 percent to 4 percent - a recommendation to the Legislature by Gov. Henry Belmon for economic development.

The reduction of the corporate tax, however, was deleted by a amendment made by Rep. Emil Grieser, D-Hobart. Grieser's amendment also reduced the gas tax from 6 cents a gallon to 4 cents a gallon.

After some debate, an amendment by Rep. Joe Heaton, R-Oklahoma City, to reduce the state income tax by 6 percent beginning in the fiscal year ending June 30, 1990, was made a part of the bill by the committee.

The debate centered around whether it was in keeping with the Oklahoma Constitution that the corporate tax reduction should have been put in the bill in the first place and also if the Heaton's measure was germane to the other parts of the bill.

Rep. Howard Cotner, D-Altus, chair of the committee, said there was a recent attorney general's opinion which allowed more than one issue to be considered in a bill. …

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