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11:28 am
Thu April 12, 2012

Deep state tax cuts now unlikely

OKLAHOMA CITY (AP) — Oklahoma's Senate leader is acknowledging a cut in the state's income tax of more than three-quarters of 1 percent next year will be "very difficult" to achieve this legislative session.

Senate President Pro Tem Brian Bingman told reporters Thursday he believes a cut in the state's top personal income tax rate will be somewhere between one-quarter and three-quarters of 1 percent next year. But Bingman acknowledged negotiations are ongoing and no final decision has been made.

Gov. Mary Fallin has proposed a deep cut in the state's top rate from its current level of 5.25 percent to 3.5 percent beginning next year. A separate proposal working its way through the Legislature proposes an even deeper cut to 2.25 percent next year.

Copyright 2012 The Associated Press.