ARDMORE, OK--A potential bill could have Oklahomans seeing a reduction in how much they pay in state income tax. After two weeks of heated debate, Thursday evening Oklahoma Lawmakers came to an agreement on a tax cut plan.
The plan calls for cutting Oklahoma's top personal income tax rate of 5.25 percent down to 4.8 percent by next year. Oklahoma Governor Mary Fallin said lowering the income taxes will help make the state appear more attractive to businesses and industries.
The new plan also simplifies the tax code by dropping the total number of tax brackets from seven to three. New rates will be set at 1 percent, 3.3 percent and 4.8 percent depending on income levels.