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.