A new Senate plan to cut the state’s top individual income tax rate once revenue collections return to 2013 levels is scheduled for a vote before the full Senate.
Senate President Pro Tem Brian Bingman’s bill is on Thursday’s agenda for a hearing before the 48-member Senate. It would cut the top rate from 5.25 percent to 5 percent once certified collections to Oklahoma’s General Revenue Fund increase by about $86 million.
The bill includes a second trigger that would further reduce the rate to 4.85 percent once additional revenue collection benchmarks are reached.
Bingman said the bill is a “fiscally responsible approach.”
The Oklahoma Tax Commission estimates a .25 percent reduction in the state income tax is $147 million annually.
Senate Bill 1246: http://bit.ly/1geVAeQ