Governor Stitt signs state budget package for fiscal year 2022 into law

May 24, 2021

Governor Stitt signs state budget package for fiscal year 2022 into law

Governor Kevin Stitt today signed additional legislation as part of the state budget for fiscal year 2022, including House Bill 2900, the General Appropriation Bill. Fiscal 2022 budget cuts taxes for all Oklahomians, invests a record $ 3.2 billion in education, and replenishes more than $ 800 million in state reserve funds that have been significantly reduced to offset revenue cuts linked to the pandemic last year, for a record $ 1.3 billion in savings for the state. of Oklahoma.

“This budget implements the people’s agenda and is a major victory for Oklahomans in all corners of our state,” said Governor Stitt. “Because we have kept Oklahoma open for business in 2020, we are able to make historic investments in education and other basic services while reducing taxes and replenishing our savings account from there. ‘State. I commend President Charles McCall, President Pro Tempore Greg Treat and the legislative leaders for their hard work in finding common ground and creating such a comprehensive budget program.

House Bill 2900 authorizes $ 9.06 billion in spending for fiscal year 2022, which begins July 1, 2021.

Strengths include:

  • Increases pooled education funding by $ 171.6 million, or 6%, to a record high of nearly $ 3.2 billion.
  • Replenishes the state savings account by over $ 800 million for a total of $ 1.3 billion – a record among savings for Oklahoma.
  • The funds have expanded Medicaid for low-income Oklahomans.

The governor also signed HB 2895 which allocates $ 80 million to the Oklahoma Driver Access and Safety Reconstruction Fund (ROADS); HB 2951 which creates the State-Tribal Litigation Fund; HB 2961 which reduces the tax rate paid by banking associations and credit unions; SB 608 which creates a new film tax incentive to attract and recruit more projects from the film industry; and HB 2946 which extends broadband to underserved and unserved areas statewide with a $ 42 million tax incentive for providers.

Last week, Governor Stitt signed a bill as part of the comprehensive budget deal between the House and the Senate, including a reduction in personal income tax and income tax companies.

The budget was built on the February certification of the Equalization Board of $ 9.6 billion in revenue available for credits. Of that figure, the agreement spends $ 9.06 billion and allocates the rest to tax breaks, replenishment of reserves or the replenishment of extraordinary funds temporarily redirected during the last session of the pandemic.

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