The Oklahoma Senate
(The Legislature adjourned the regular 1998 legislative session after passing the final portions of the budget for FY 1999. Lawmakers will not return for their next legislative session until February 1, 1999)
- State employee in the Oklahoma Public Retirement
System, retired in 1988, who currently receives a monthly pension of $875
would get $1,050 under SB 1037, an increase of $175 per month;
- Law enforcement officer in Oklahoma Law Enforcement Retirement System,
retired in 1989, who currently receives a monthly pension of $1,580 would
get $1,800 under SB 1037, an increase of $220 per month;
- Firefighter in the Oklahoma Firefighters Pension Retirement System, retired
in 1986, who currently receives a monthly pension of $1,250 would get a
$1,500 under SB 1037, an increase of $250 per month.
- Grocery sales tax rebate: Provides a $40
rebate to eligible families and senior citizens. Currently, Oklahomans who
make less than $12,000 qualify for the rebate on their income tax form.
The latest program would expand that over a two year period, ultimately
providing the rebate to single Oklahomans who make less than $20,000 and
families and senior citizens with incomes of less than $50,000.
- Income tax cut: Reduces the income tax by one-quarter of a percent. It
cuts the top rate on Method 1 from 7% to six and three-quarters percent.
- Inheritance tax cut: Provides an increase in the estate tax exemption
for lineal heirs over an 8-year period, bringing Oklahoma in line with the
federal tax exemption on inheritance.
- College Savings Plan Interest Income Tax Exemption: Exempts from the income
tax interest received from an account established for college savings.
- SBA Guarantee Fee Credit: Provides an income tax credit in the amount
paid to the U.S. Small Business Administration as a guaranty fee.