NFIB Oklahoma State Director Jerrod Shouse issued the following statement about Governor J. Kevin Stitt signing Senate Bill 453 and House Bill 2764 into law.

“Thank you, Governor Stitt, for supporting much-needed tax relief and protecting small businesses from predatory lawsuits,” said NFIB Oklahoma State Director Jerrod Shouse. “Oklahoma small businesses are being hindered by inflation, workforce shortages, and burdensome regulations. HB 2764 and SB 453 will help lower the cost of doing business and protect small businesses so they can continue to grow and invest in our communities.”

Background

Senate Bill 453 would put a cap on non-economic damages to $500,000 for physical injuries and $1 million for permanent mental injuries, as well as adopt the federal Daubert standard for judicial approval of expert witnesses. House Bill 2764 would lower the personal income tax from 4.75% to 4.5%.