State House approves estate, income tax bills

OKLAHOMA CITY (AP) -- The Oklahoma House voted Thursday to cut income taxes by $130-million a year and to eliminate Oklahoma's tax on inheritances.<br/><br/>State House members also approved a proposed

Thursday, March 16th 2006, 5:08 pm

By: News On 6

OKLAHOMA CITY (AP) -- The Oklahoma House voted Thursday to cut income taxes by $130-million a year and to eliminate Oklahoma's tax on inheritances.

State House members also approved a proposed tax credit that supporters said will stimulate charitable donations. The measure is the centerpiece of a faith-based initiative proposed by House Republican leaders.

All three measures now go to the stateSenate, which has passed separate income and inheritance tax cut measures.

Without debate, the state House voted 93-to-1 to eliminate Oklahoma's inheritance tax, also called an estate tax. Eliminating this tax would reduce state revenue by about $87-million a year.