OKLAHOMA CITY (AP) — A House-backed plan to cut both the state’s individual and corporate income tax rates has passed the Oklahoma Senate, although a final agreement on a tax cut has yet to be reached.
The bill that passed Tuesday in the Senate on a 29-19 vote would reduce the state’s top individual income from 5.25 percent to 5 percent, once certain revenue growth triggers are met. The measure also includes a separate trigger to drop the corporate income tax rate from 6 percent to 5 percent.
The earliest that either cut could take effect is tax year 2015.
A separate Senate tax cut bill is pending in the House.
The governor and legislative leaders are expected to negotiate a final version of a proposed tax cut.
House Bill 2508: http://bit.ly/Nx4awZ