OKLAHOMA CITY – Governor Kevin Stitt signed three bills into law Wednesday that he says invest in the future of Oklahoma.
Among them is House Bill 4072 which creates the Oklahoma Taxpayer Endowment Trust Fund. It’s a measure that lawmakers say will eliminate Oklahoma’s income tax.
Officials say that the plan will basically invest $200 million of existing state savings for growth. As that investment grows savings, a portion of the earnings will be transferred into the state’s General Revenue Fund and eventually eliminate the need for a state income tax.
The Governor said, “This is a pivotal moment for Oklahoma and our path to zero income tax. During my administration, we’ve been disciplined and we’ve built up over $3 billion in savings. This is about securing Oklahoma’s future, growing our savings wisely, investing responsibly, and leaving our state stronger for the next generation.”
In addition to House Bill 4072, Governor Stitt also signed House Bills 4043 and 4071. Stitt says that HB 4043 designates $1 million to Oklahoma Task Force 1 to assist in rescue and recovery efforts after disasters. HB 4071 launches the Oklahoma Dream Accounts program, giving Oklahoma children a $250 head start with their Trump Accounts, building generational wealth from day one.
In a Facebook post Stitt said, “This is what it looks like when we govern with the future in mind. Oklahoma is open for business and built to last.”
