House Approves Bills to Help Seniors
Rep. Max Wolfley, R-Oklahoma City, has advanced two bills benefiting seniors in the Oklahoma House of Representatives. On Tuesday, Rep. Wolfley passed House Bill 2020, which increases the Oklahoma income tax exemption for retirement benefits from $10,000 to $20,000 beginning in the tax year 2024. "The exemption for retirement income hasn't been increased in 16 years," Wolfley said. "Inflation has severely eroded the purchasing power of those on fixed incomes." HB2020 passed the House 90-0. It is authored in the Senate by Sen. John Michael Montgomery, R-Lawton. House Bill 2027, approved recently, provides a state sales tax rebate on the sale of hearing aids. "As it stands now, a senior citizen could take five of their grandkids for two days to the waterpark at Great Wolf Lodge in Texas and pay for everything, including gas, food, and lodging, with the money they save by buying their hearing aids in a state that doesn't tax medical devices," Wolfley said. The taxpayer must file a claim with the Oklahoma Tax Commission within one year of the purchase date, and the commission will refund the state sales tax portion to the taxpayer. HB2027 passed 89-1 and now heads to the Senate, where it is authored by Sen. Jessica Garvin, R-Duncan.