Oklahoma House committee approves capital gains tax cut

<br>(Oklahoma City-AP) -- Oklahoma's top income tax rate would be reduced and some capital gains cut under a bill that cleared a legislative committee Wednesday. <br><br>The bill now heading to the

Wednesday, February 11th 2004, 12:00 am

By: News On 6

(Oklahoma City-AP) -- Oklahoma's top income tax rate would be reduced and some capital gains cut under a bill that cleared a legislative committee Wednesday.

The bill now heading to the House of Representatives for a vote would permanently reduce the top income tax rate to 6.65%. The current top rate can rise to 7%, depending on state revenue.

The bill also would cut the capital gains taxes paid by Oklahoma-based businesses by more than $30-million a year. The businesses would have to hold the assets for five years before selling them in order to qualify for the cut.

The reductions are part of Governor Brad Henry's legislative package.