Cutting State Income Taxes - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

Cutting State Income Taxes

Updated:
OKLAHOMA CITY (AP) -- A state House committee voted to accelerate state income tax cuts but at a slower pace than originally planned. The bill would reduce the top income tax rate from 5.65 percent to 5.5 percent next year and 5.25 percent in 2009, if revenue growth is at least 4 percent plus the cost of the tax cut.

The bill accelerates the pace of the income tax cut approved last year.

The measure faces an uncertain future. State lawmakers are still assessing the impact of more than $600 million in tax cuts enacted last year. And they have urged budgetary caution since revenue estimates cut by more than half the amount of new revenue available to spend this year.
Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103
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.
All content © Copyright 2000 - 2017 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.