Oklahoma income tax cut set for 2015

Modified: April 23, 2013 at 3:14 pm •  Published: April 23, 2013

Dropping the top income tax rate to 5 percent would save the average Oklahoma taxpayer about $80 per year and cost the state an estimated $130 million annually when fully implemented.

Bingman and some other members of the Republican-controlled Senate have voiced concerns that waiting until 2015 was more fiscally responsible, since the state is still obligated to pay back an estimated $90 million to the oil and gas industry next fiscal year in the form of delayed tax incentives.

Shannon and Bingman both have said they expected to announce a deal this week on the income tax cut, overhauling the workers' compensation system and a long-range plan to repair and refurbish state buildings, including the Capitol.

The workers' compensation plan calls for a transition from the current court system to an administrative one, along with an “Oklahoma option” that would allow companies to provide their own workers' compensation coverage if they meet certain required standards.

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HB 2032: http://bit.ly/12r3SKc

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Sean Murphy can be reached at www.twitter.com/apseanmurphy.