Governor Brad Henry Signs $627-Million Tax Cut Bill

OKLAHOMA CITY (AP) -- Governor Brad Henry signs a bill into law that will cut taxes a record $627-million.<br/><br/>Henry inked the mammoth tax plan Wednesday without a bill-signing ceremony that usually

Thursday, June 29th 2006, 5:43 am

By: News On 6

OKLAHOMA CITY (AP) -- Governor Brad Henry signs a bill into law that will cut taxes a record $627-million.

Henry inked the mammoth tax plan Wednesday without a bill-signing ceremony that usually occurs with such major legislation.

The tax bill is more than four times larger than a then-record $150-million tax-cut plan he signed a year ago and was one of 85 measures that were passed during a three-day special session last week.

The others were funding bills, including a record $6.6-billion general appropriations bill as part of a $7.1-billion spending plan.

Under the tax relief package, the top income tax rate will drop from 6.25 percent to 5.5 percent over the next three years and to 5.25 percent in the fourth year if the economy continues to grow.

The measure also eliminates the estate tax over the next three years and raises the standard deduction to the federal level over four years, eliminating income taxes for 45,000 families who don't itemize deductions.