Local & Regional
Thu January 23, 2014
Governor to Propose 'Affordable' Income Tax Cut
OKLAHOMA CITY (AP) — Republican Governor Mary Fallin says she'll outline plans for what she calls an affordable income tax cut during next month's State of the State speech, despite a projected $170 million revenue shortfall next fiscal year.
Fallin said Wednesday the details are still being worked out, but will be included in her executive budget presented to lawmakers on February 3rd at the start of the legislative session.
The governor must present a balanced budget to lawmakers based on about $6.96 billion in revenues the state is expected to collect next fiscal year.
An agreement among GOP leaders last year to cut income taxes from 5.25 percent to 5 percent was thrown out by the Oklahoma Supreme Court for violating a state constitution ban on having multiple subjects in a bill.