Local & Regional
Wed December 22, 2010
Tax Cuts Ahead Despite Budget Crunch
By Associated Press
Oklahoma City, OK – Panel: Okla. revenue growth should trigger tax cut
OKLAHOMA CITY (AP) A panel of state leaders has made a preliminary finding that Oklahoma's revenue growth is enough to trigger a cut in the state's top income tax rate for the 2012 tax year.
The State Board of Equalization voted 6-1 on Tuesday that early estimates show there is enough growth in state revenue to reduce the state's income tax rate from 5.5 percent to 5.25 percent.
Outgoing Democratic Attorney General Drew Edmondson cast the lone "no" vote, saying afterward he felt it was "the wrong time to be cutting taxes."
The seven-member board will meet again in February to make a final determination on whether the 4 percent growth rate in state revenue has been met. The tax cut is expected to cost the state more than $120 million each year.