Creating New Jobs and Cutting Taxes
Meaningful Tax Relief for Seniors and All Oklahomans

Gov. Henry has implemented both targeted and broad-based tax relief throughout his time in office, including the two largest tax cuts in state history.

In June 2006, Governor Henry signed legislation that will decrease the personal income tax rate from 6.25% to 5.5% over three years, with further decreases possible if the economy remains strong. That legislation also raises Oklahoma's standard deduction to the federal level, giving a boost to middle-income Oklahomans, and eliminates the death tax and protecting Oklahoma's small farms and businesses.

The Governor fulfilled a campaign pledge to help Oklahoma seniors who live on fixed incomes. In 2005 he signed a measure that exempts the greater of $10,000 or 50 percent of retirement income from the state income tax. Governor Henry also eliminated the capital gains tax on Oklahoma property and exempted the first half of all military pensions from the state income tax.

Creating Better Jobs and New Opportunities

After inheriting the worst budget crisis in state history in 2003, Gov. Henry helped spark an economic turnaround in Oklahoma.

With new investments in education, job creation and health care and the passage of targeted tax relief and incentive programs, the governor made a friendly business climate even friendlier. As a result, Oklahoma's economy rebounded, gaining 50,000 new jobs over the past three years and making a name for itself in the growing field of research-based business.

Under Gov. Henry's leadership, the income tax rate has been reduced significantly and the state launched an effort to build a $1 billion research endowment. The governor was also instrumental in passing a sweeping workers compensation reform bill touted by state business leaders as the most significant in state history.

Gov. Henry has led the way in retooling and retraining Oklahoma's workforce, partnering with private and public sector leaders to make sure the employees of tomorrow are properly prepared. His ACE school reform program and Workforce Development Council are helping students hone their skills for the changing global economy.