Gov. Stitt says Oklahoma is still open for business, vetoes SB 1595

OKLAHOMA CITY (KOKH) — Governor Kevin Stitt saysOklahoma is still open for businessand vetoes Senate Bill 1595, which would have eliminated a critical recruitment tool for economic developers.

“I want the world to know Oklahoma is open for business,” said Gov. Stitt.

SB 1595 would have repealed an ad valorem tax exemption which is offered by the majority of states, including all states surrounding Oklahoma.

"As governor, my job is to protect Oklahomans from bad legislation that would hurt our state. This bill was passed late on a Friday night with little debate or discussion, and I cannot go along with something that is so forced in at the last hour that some legislators didn’t even know what they were voting for.” said Gov. Stitt.

According to the Oklahoma Tax Commission, ad valorem exemptions claimed are estimated to be associated with at least $13.43 billion in qualifying capital investment activities and more than 75,000 jobs in Oklahoma over the past five years.

Gov. Stitt goes on to say he will continue tocontinue to push for comprehensive tax reform.

“However, it is not fair to change the rules for businesses without bringing them to the table to be part of the solution. I’ve said many times that Oklahoma is better when we work together, and this is just another example of how a lack of transparency and inclusion holds us back from becoming a Top Ten state.” Gov. Stitt said.