Tax Cuts in OK Proposed

5-24-05 - OKLAHOMA CITY (AP) - House and Senate leaders have reached an agreement on 150 million dollars in tax cuts and another 100 million in tax rebates.

Leaders say it's the largest tax-cut package in state history.

The income tax cut will total 108 million dollars the first full year it's in effect. The agreement also calls for raising the standard deduction over two years, which amounts to a nearly 27 million dollar cut.

Details are still being worked out on Governor Brad Henry's rebate proposal. House Speaker Todd Hiett says rebates of up to 100 dollars will be going out this year to the state's 1.4 million taxpayers.

The plan included additional tax cuts for retirees, disabled veterans and military pensioners.

It also eliminates the capital gains taxes now paid by corporations on Oklahoma-based property.