Oklahoma Governor Signs Income Tax Cut Bill Into Law - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

NEWS: Politics

Oklahoma Governor Signs Income Tax Cut Bill Into Law

Posted: Updated:
OKLAHOMA CITY -

Oklahoma Governor Mary Fallin has signed an income tax cut measure into law.

It will gradually lower Oklahoma's top income tax rate from 5.25 percent to 4.85 percent over several years. The cuts are dependent upon revenue triggers, meaning Oklahoma's general revenue collections must increase before cuts take effect. The earliest they could take effect is in 2016.

Read Senate Bill 1246

Fallin signed the measure Monday. It's one of her top goals for the 2014 Legislature.

Fallin says it will put more than $200 million into the economy each year and make Oklahoma a better place to do business, meaning more opportunities and jobs for Oklahoma families and more revenue for core government services.

The average cut at the 4.85 percent rate will be $158 per year.

 

Live Radar

ESP Interactive

Featured

  • PoliticalMore>>

  • Billions of GI Bill funds go to for-profit schools

    Billions of GI Bill funds go to for-profit schools

    Wednesday, July 30 2014 12:16 AM EDT2014-07-30 04:16:28 GMT
    Iraq and Afghanistan veterans have flocked to for-profit colleges, including a troubled chain that is closing or selling its campuses amid a series of federal and state investigations.More >>
    Iraq and Afghanistan veterans have flocked to for-profit colleges, including a troubled chain that is closing or selling its campuses amid a series of federal and state investigations.More >>
  • China: Ex-security czar Zhou under investigation

    China: Ex-security czar Zhou under investigation

    Tuesday, July 29 2014 11:34 PM EDT2014-07-30 03:34:09 GMT
    China's Communist Party says it has launched an investigation into a former domestic security chief who was once among the country's most feared leaders.More >>
    China's ruling Communist Party announced an investigation into a feared ex-security chief, demonstrating President Xi Jinping's firm grip on power and breaking a longstanding taboo against publicly targeting the...More >>
  • Obama eats ribs with 4 Kansas City letter writers

    Obama eats ribs with 4 Kansas City letter writers

    Tuesday, July 29 2014 10:12 PM EDT2014-07-30 02:12:58 GMT
    President Barack Obama plans to chew over the concerns of heartland Americans by taking four Kansas City residents out to dinner.More >>
    President Barack Obama feasted on barbecue Tuesday with four people who wrote him letters in a trip to highlight the struggles of working families in American's heartland, as the clock ticked on pressing issues before...More >>
Powered by WorldNow
News On 6
303 N. Boston Ave.
Tulsa, OK 74103
TULSA'S OWN TM
GREEN COUNTRY'S OWN TM
Oklahoma's Own Newson6.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state including Tulsa's Own and Green Country's Own.
All content © Copyright 2000 - 2014, WorldNow and KOTV. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.