Oklahoma Jumps up in Tax Competitiveness Rankings
OKLAHOMA CITY (Oct. 30, 2023) – Oklahoma has achieved a remarkable leap in the tax competitiveness rankings, positioning itself as one of the most attractive states for businesses and individuals seeking a favorable tax environment. The latest data from The Tax Foundation reveals Oklahoma has surged ahead in the rankings, gaining four spots compared to last year, now ranking 19th nationally for best business tax climate. The move helps to solidify its commitment to fostering economic growth and prosperity.
The comprehensive 2024 State Business Tax Climate Index, which evaluates the tax policies and structures of states across the nation, has recognized Oklahoma for its significant improvements in several key areas, making it a prime destination for investment, business expansion, and economic development.
Key highlights of Oklahoma’s notable ascent in tax competitiveness include gains in the individual tax and property tax categories. By adopting permanent full expensing in 2022, Oklahoma stayed in fourth place on the corporate tax component while other states became less competitive.
“Oklahoma’s business community and legislators have been dedicated to implementing a series of forward-thinking tax reform initiatives. These measures have streamlined tax codes, reduced tax burdens, and promoted fiscal responsibility, all of which are essential in attracting businesses and individuals to the state. We still have more to do to get Oklahoma where we want to be, but these numbers show we are moving in the right direction,” said Chad Warmington, State Chamber president and CEO. “With its improved tax competitiveness, Oklahoma is well-positioned to attract new investments, foster innovation, and provide a nurturing environment for startups and established companies alike.”
The State Chamber Research Foundations has put forth a plan to get Oklahoma into the top 10 in tax competitiveness.
“Oklahoma was 30th out of 50 states when we did our initial study. We’re now 19th because of the reforms legislators have gotten across the line,” said Ben Lepak, executive director of the State Chamber Research Foundation. “Oklahoma’s surge in the tax competitiveness rankings reflects the state’s unwavering commitment to providing businesses and individuals with the tools needed to succeed and prosper. As this positive trend continues, the state can expect to attract more investment, foster job creation, and become a leading example of how tax policy can drive economic growth.”
“Legislators have done great work so far and are knocking on the door. If they pass our income tax bill (or some version of it), we’ll almost certainly be top 10. It’s time to take the final steps to truly put Oklahoma in the national spotlight,” said Lepak.
Media Contact – Brent Skarky – brent@okstatechamber.com – (405) 818-1939
