Governor Stitt signs three bills that will lower income tax

Friday Governor Stitt signed three bills that will lower the state income tax for Oklahoman's and Oklahoma businesses. Stitt says this will make Oklahoma more attractive to businesses.

The first bill is House Bill 2962. This bill will cut the state's income tax rates by a quarter of one percent. The other two bills were House Bill 2960 and 2963, which will drop the corporate income tax by two percent. Right now the cap for state-income tax is 5 percent but once this becomes law in 2022, it will become 4.75 percent. The corporate income tax will be reduced from 6 to 4 percent.

Both tax changes are effective Jan. 1, 2022