Oklahoma’s governor-elect and Republican legislative leaders announce their continued backing to reduce the state’s top income tax rate from 5.5 percent to 5.25 percent. It appears certain conditions will be met next year that would enable the tax cut to take effect in 2012.
NewsOK
BY MICHAEL MCNUTT, Oklahoman
Published: December 22, 2010
Those in power at the state Capitol next year announced their continued support Tuesday for cutting Oklahoma’s income tax for many of the state’s taxpayers.
Gov.-elect Mary Fallin, House Speaker-elect Kris Steele and Senate President Pro Tem-elect Brian Bingman, all Republicans, said they support enacting a mechanism that is scheduled to reduce the state’s top income tax rate from 5.5 percent to 5.25 percent in 2012.
The state Board of Equalization voted 6-1 Tuesday to accept preliminary revenue estimates which will trigger the automatic reduction in the income tax rate under existing law.
Legislation passed a few years ago requires that if state revenue increases by 4 percent and other conditions are met, the state’s top income tax rate will drop to 5.25 percent... FULL ARTICLE
Posted on
Wed, December 22, 2010
by Crystal Drwenski