Pauls Valley, OK, Pauls Valley Democrat

State News

February 27, 2014

Senate passes Okla. income tax cut with trigger

OKLAHOMA CITY — The Oklahoma Senate has approved a plan to cut the state's top individual income tax rate once revenue collections return to 2013 levels.

Senate President Pro Tem Brian Bingman's bill passed Thursday on a 32-10 vote, with mostly Democrats opposing it. It now heads to the House, which is considering a separate tax cut bill.

The Senate-approved plan 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.

The Oklahoma Tax Commission estimates a .25 percent reduction amounts to about $147 million in taxes statewide annually.

1
Text Only
State News
Business Marquee

e-Edition
  • How You Want It When You Want It Today's Pauls Valley Democrat

    Now you can view and download the Democrat right to your desktop on the day the paper is published. Click here to get more information on the Democrat's e-Edition.

     

    CLICK HERE TO ACCESS THE E-EDITION SITE

     

    ATTENTION CURRENT DEMOCRAT SUBSCRIBERS TO START an e-EDITION

    e-mail request to sjohnson@pvdemocrat.com

    April 20, 2011 1 Photo 1 Link

AP Video
The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe
Stocks
Facebook