State lawmaker's tax-cut plan goes through amendment process

OKLAHOMA CITY (AP) A state Senate committee amended Republican Speaker Todd Hiett's tax-cut plan before sending it to the Senate floor. <br/><br/>Durant state Senator Jay Paul Gumm included in the

Wednesday, April 6th 2005, 6:39 am

By: News On 6

OKLAHOMA CITY (AP) A state Senate committee amended Republican Speaker Todd Hiett's tax-cut plan before sending it to the Senate floor.

Durant state Senator Jay Paul Gumm included in the bill Tuesday his proposal to raise the standard deduction on state income taxes to the federal level over a four-year period. The increase would be the first since 1971.

Gumm says his plan would mean a reduction of more than $500.00 in the state income tax paid by a family with a $50,000.00 income.

He said the cut would be less than $100.00 under the Hiett plan, which reduces the maximum income tax rate from 6.65% to 6.25%.

The Democratic plan incorporates Governor Henry's plan for $100,000,000 in income tax rebates this year. That measure is awaiting action in the House.