Tulsa World
By BARBARA HOBEROCK World Capitol Bureau
Published: 12/21/2010 2:23 AM
Last Modified: 12/21/2010 5:27 AM
OKLAHOMA CITY - Most Oklahomans will see a drop in the state income tax rate for calendar year 2012, State Treasurer Scott Meacham said Monday.
Meacham said the state is expected to meet the 4 percent growth in general revenue for the trigger to be hit, reducing the top income tax rate to 5.25 percent from 5.5 percent.
Meacham held a briefing with media Monday before Tuesday's State Equalization Board meeting where officials will approve a preliminary estimate of revenue the state is expected to have in fiscal year 2012.
Gov.-elect Mary Fallin will use those numbers to build her budget. The official finding of the Board of Equalization will be made in February. Lawmakers will use those figures to pass a budget for fiscal year 2012.
"Barring unexpected changes in revenue estimates or subsequent action by the Legislature, the board's finding in February will enact the tax cut," Meacham said... FULL ARTICLE
Posted on
Tue, December 21, 2010
by Crystal Drwenski