Oklahoma retailers will no longer be required to mark up products after Gov. Kevin Stitt signed a bill amending the Unfair Sales Act.
The law strikes language that required retailers to include a 6% markup on products to cover the cost of doing business.
Stitt, who recently said he would only sign bills he thought would “move Oklahoma forward,” approved the new law, which takes effect Nov. 1, for all retailers. It covers purchases of groceries, gasoline, some medicines, cleaning products and other merchandise.
Senate Bill 638, authored by Sen. Julie Daniels, R-Bartlesville, and Rep. Steve Bashore, R-Miami, passed through the House and Senate with nearly unanimous approval.
Daniels said she’s pleased her bill was signed as it repeals a law that has “outlived its usefulness.” Following last year’s elimination of the state’s portion of the grocery tax, it’s another step toward eliminating mandates that drive up costs for Oklahomans.
“For 76 years, state government has imposed a 6% mandatory mark up on the price of essential goods like gasoline, groceries, diapers and over-the-counter medicines,” she said in a statement. “Oklahoma was one of only seven states with such a mandate, but today Oklahoma businesses can set their own prices without government interference.”
Proponents of the bill have said it will create relief for low-income Oklahomans making everyday purchases.
Other “costs to the retailer” still in place from the 1949 Unfair Sales Act include various shipping costs as well as federal and state taxes.
The law also creates a misdemeanor crime for selling motor fuel below the cost to the wholesaler, punishable by a fine of up to $1,000.
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