OCPA economist: State income-tax cut good for small businesses

December 21, 2010

"A scheduled reduction in state income tax rates now seems likely," Patrick McGuigan reports, and OCPA economist Scott Moody says this is good news. “Under current law, most small businesses pay their taxes through the individual income tax as sole proprietorships, LLCs, and S corporations," Moody says. "Therefore, reducing Oklahoma’s top individual income tax rate would be a timely shot in the arm for Oklahoma’s small-business community, especially as they struggle to recover from the 'Great Recession.'"