Senate plans to consider Okla. income tax cut

By: From Wire Reports
By: From Wire Reports

OKLAHOMA CITY (AP) - A new Senate plan to cut the state's top individual income tax rate once revenue collections return to 2013 levels is scheduled for a vote before the full Senate.

Senate President Pro Tem Brian Bingman's bill is on Thursday's agenda for a hearing before the 48-member Senate. It would cut the top rate from 5.25 percent to 5 percent once certified collections to Oklahoma's General Revenue Fund increase by about $86 million.

The bill includes a second trigger that would further reduce the rate to 4.85 percent once additional revenue collection benchmarks are reached.

Bingman said the bill is a "fiscally responsible approach."

The Oklahoma Tax Commission estimates a .25 percent reduction in the state income tax is $147 million annually.

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