Okla. income tax cut set for 2015

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OKLAHOMA CITY (AP) - Capitol sources are telling The Associated Press that Gov. Mary Fallin and legislative leaders have reached a deal to cut Oklahoma's top personal income tax rate from 5.25 percent to 5 percent in 2015.

Fallin and House and Senate leaders scheduled an announcement Tuesday afternoon to discuss the tax cut, along with plans to overhaul the state workers' compensation system.

Two sources close to the discussions told AP the tax cut will include a drop in the top income tax rate from 5.25 percent to 5 percent, starting in 2015. Both spoke on condition of anonymity because they were not authorized to disclose the plan ahead of the announcement.

Under the plan, a second cut to 4.85 percent would take effect in 2016 if certain revenue triggers are met.

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