Bill To Cut State Taxes Advances
Wednesday, February 14th 2007, 8:58 am
By: News On 6
OKLAHOMA CITY (AP) -- A bill to reduce state income taxes is moving through the state House of Representatives.
The bill by Representative Randy Terrill would cut the state's top income tax rate from five-point-65 percent to four-point-65 percent over two years.
It was passed out of the House Revenue and Taxation Committee and now goes to the full House but its future is uncertain.
The proposal comes after lawmakers passed tax cuts of more than $600 million last year. Those cuts include the largest income tax cut in state history.
House spokesman Damon Gardenhire says House Speaker Lance Cargill and other Republican leaders are taking a wait-and-see attitude on the proposed tax cuts.