Oklahoma lawmakers reach deal on personal income tax cuts
The plan calls for cutting Oklahoma’s top personal income tax rate of 5.25 percent down to 4.8 percent next year.
An agreement to cut the state’s top personal income tax rate of 5.25 percent down to 4.8 percent next year was announced Thursday evening by GOP legislative leaders and Gov. Mary Fallin.
Oklahoma Gov. Mary Fallin, right, and Speaker of the Oklahoma House Kris Steele, left, leave a closed door meeting in Oklahoma City, Thursday, May 17, 2012. Leaders in the Republican-controlled Legislature and Fallin still have not reached a deal on how a state income tax cut would work. (AP Photo/Sue Ogrocki) ORG XMIT: OKSO105
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The plan, reached after two weeks of intense negotiations, also includes a one-time additional tax cut tied to a revenue growth trigger in the 2015 fiscal year.
If state revenue grows by...
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