Committee Passes Oklahoma Income Tax Cut
OKLAHOMA CITY (AP) - A House committee has approved legislation that authorizes a cut in the state's top personal income tax rate once revenue collections by the state increase.
The House Appropriations and Budget Committee voted 15-10 for the Senate-passed bill Wednesday and sent it to the full House for debate and a vote. The House has approved a separate tax-cut bill that also has a trigger tied to revenue growth. Gov. Mary Fallin has been pressing for an income tax cut for three years.
The measure approved Wednesday would cut the top rate from 5.25 percent to 5 percent once certified collections to Oklahoma's General Revenue Fund increase.
Opponents questioned whether the state can afford to cut taxes when it is facing a $185 million revenue shortfall.