OKLAHOMA CITY (AP) — A plan to cut both Oklahoma’s corporate and individual income tax rates has cleared the Oklahoma House over the objections of Democrats who contend the resulting loss of revenue will decimate critical state services like education, public safety and health care.
The House voted 57-34 Thursday for the bill that includes triggers for both cuts that would require certain revenue collections to grow by enough to offset the lost revenue to the state. Bartlesville Republican Rep. Earl Sears described it as a “modest income tax reduction.”
The bill would cut the state’s top personal income tax rate from 5.25 percent to 5 percent. It was amended to add a corporate income tax cut.
The combined cuts are projected to cost the state more than $200 million annually.