Speeding Up Income Tax Cuts
Friday, March 16th 2007, 6:29 am
By: News On 6
OKLAHOMA CITY (AP) _ The Oklahoma House votes along partisan lines to accelerate the pace of last year's state income tax cuts over the objections of opponents who said they would rather spend scarce tax dollars to improve the state's schools, roads and bridges.
The state House voted 60-to-39 Thursday for the measure that would compress three years worth of tax cuts into two years.
It reduces the state's top income tax rate from 5.65% to 5.5% next year and 5.25% in 2009, if revenue growth is at least 4% plus the cost of the tax cut.
Under last year's income tax cut, the top income tax rate is scheduled to decline to 5.55% next year, 5.5% in 2009 and 5.25% in 2010, subject to the revenue growth trigger.
The bill's author, Representative Randy Terrill of Moore, says accelerating the cut would reduce revenue by $8.7 million next year and $58.6 million when fully implemented.
For more background on this story, click on the links below to read additional stories about tax cuts.
1/22/2004 - Governor Brad Henry Proposes Tax Cuts
5/20/2005 - State Legislative Agreement Centers On Income Tax Cuts
6/8/2005 - Governor Brad Henry Signs Tax Cut, Other Bills
3/7/2006 - Senate Approves Series Of Tax Cut Measures
1/2/2007 - Oklahoma Rings In New Year With Lower Taxes