Cutting State Income Taxes
Wednesday, February 28th 2007, 5:35 am
By: News On 6
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.