Oklahoma City, OK – New tax cuts to go into effect
OKLAHOMA CITY (AP) The New Year will bring new tax cuts to Oklahoma.
Tax cuts scheduled to take effect on Jan. 1 include the final phase of repealing the state estate tax. The estate tax disappears from Oklahoma in 2010.
Also, another increase in the standard deduction for Oklahomans who do not itemize their income taxes goes into effect.
The tax cuts will go into effect in spite of a $729 million revenue shortfall for the fiscal year that ends June 30.
Republican legislative leaders have been critical of the estate tax. GOP House Speaker Chris Benge says there's no reason why Oklahomans who have paid taxes their whole lives should force their loved ones to pay an extra estate tax on their property upon death.
Copyright 2009 The Associated Press.