Preliminary estimates show Oklahoma revenues will exceed projections, but that $226 million will have to be cut to meet current spending levels.
BY MICHAEL MCNUTT mmcnutt@opubco.com Oklahoman
Published: December 21, 2010
The state's income tax rate for many Oklahomans may drop in 2012 based on preliminary revenue estimates, state Treasurer Scott Meacham said Monday.
Steady economic growth, along with conservative revenue estimates, mean the state's top income tax rate is on track to drop from 5.5 percent to 5.25 percent, Meacham said.
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.
The preliminary revenue estimates show that, unlike last year, no cuts are needed to finish the current fiscal year. But cuts of about $226 million are likely for the next fiscal year to keep state spending at present levels.
“We're looking a little bit better” than last year, Meacham said... FULL ARTICLE
Posted on
Tue, December 21, 2010
by Crystal Drwenski