OKLAHOMA CITY (AP) — Gov. Mary Fallin has signed a bill to cut Oklahoma's top income tax rate to 5 percent in 2015 and provide $120 million for improvements to the state Capitol.
The income tax cut signed into law by Fallin Monday provides her with a political victory more than two years in the making for the first-term Republican governor.
The bill reduces the state's top income rate that most Oklahomans pay from 5.25 percent to 5 percent beginning Jan. 1, 2015, with a second cut to 4.85 percent set for 2016 if state revenues continue to rise. The drop to 5 percent is expected to cost the state about $136 million annually.
Fallin has pushed for a tax cut since she was elected in 2010.
HB 2032: http://bit.ly/12r3SKc