Tulsa World
By BARBARA HOBEROCK World Capitol Bureau
Published: 2/19/2011 2:28 AM
Last Modified: 2/19/2011 5:14 AM
OKLAHOMA CITY - Figures released Friday indicated good news for lawmakers who will have more to spend and taxpayers who can expect to pay less.
The Board of Equalization meets Tuesday to certify the amount of revenue that the Legislature will have to craft the fiscal year 2012 budget.
According to figures from the Office of State Finance, lawmakers will have $6.2 billion to spend - $106.4 million more than the Equalization Board's December estimate and a $159.6 million increase over this year's budget.
"Projected increased revenue from oil taxes and personal income tax collections make up the bulk of the difference in December's estimate and February's estimate," said Preston Doerflinger, director of the Office of State Finance and the secretary of finance.
When revenue grows by a certain percentage and other factors are met, a reduction in the state's top income tax bracket is triggered, affecting most Oklahoma taxpayers, said Tim Allen, a spokesman for state Treasurer Ken Miller... FULL ARTICLE
Posted on
Sat, February 19, 2011
by John Cox