Oklahoma income tax to increase for 2002
Friday, December 28th 2001, 12:00 am
By: News On 6
OKLAHOMA CITY (AP) _ Oklahomans will pay more income taxes next year.
The income tax rate, now at 6.75%, will increase to 7% on Jan. 1, Shawn Ashley, a spokesman for the state finance office, said Friday.
The increase results from a state equalization board determination Friday that revenues for the 2003 fiscal year, which begins July 1, will be lower than estimated 2002 fiscal year revenues.
This determination also will reduce the number of people eligible to participate in a program that provides $40 state sales tax refunds to couples earning less than $50,000 a year, and single people earning less than $30,000.
Nearly a million people participated in the program this year.
Eligibility for the program next year will be restricted to couples earning less than $30,000, and singles earning less than $15,000.
Ashley said state tax revenues from natural gas sales have declined sharply because of decreases in the cost of natural gas.