OKLAHOMA CITY (OBV) – Oklahoma Employment Security Commission officials say employers across the state will get a tax break thanks to a bill signed into law by Gov. Kevin Stitt.
OESC championed Senate Bill 911, written by Sen. Bill Coleman, R-Ponca City, and Rep. Mark Tedford, R-Tulsa, during the recently-concluded legislative session. The bill was created to boost economic growth by reducing the State Unemployment Tax Act (SUTA) tax burden on all Oklahoma businesses.
“This legislation is a huge win for Oklahoma’s economy. It lowers operating costs for thousands of Oklahoma businesses and makes the State more attractive for new business investment” said Trae Rahill, CEO of the Oklahoma Employment Security Commission.
The new law is a tax decrease for all employers in Oklahoma. It reduces the taxable wage base and tax rate table used to calculate the taxes each business pays to the State’s unemployment trust fund.
OESC officials said the changes in the new law enables the agency to support workers during economic hardship while softening the burden on employers.
Reducing the tax rate table lowers the upper limit rate by almost 3 percent, which decreases the risk and volatility of insurance rate hikes and makes the economic environment for businesses in Oklahoma more predictable and advantageous, according to OESC officials.
“The agency has never introduced a tax reduction for all employers in the State. I’m so proud of our team for continuing to find ways to improve service to Oklahomans and make smarter updates to these programs,” Raehill said.
