Oklahoma Leaders Agree on Income Tax Cut for 2015
OKLAHOMA CITY (AP) — Gov. Mary Fallin and Republican legislative leaders have announced a plan to cut Oklahoma's top personal income tax rate to 5 percent beginning in January 2015, overhaul the workers' compensation system, and set aside $120 million for Capitol repairs.
Fallin, Senate President Pro Tem Brian Bingman and House Speaker T.W. Shannon unveiled the details of a broad agreement Tuesday that also calls for an eight-year plan to pay for improvements to state buildings.
The tax cut proposal includes a second reduction in the top rate to 4.85 percent, beginning Jan. 1, 2016, but only if certain revenue triggers are met.
If both reductions take effect, state finance officials project the cuts would reduce state income tax collections by an estimated $237 million annually when fully realized.