Okla. House approves income tax cut proposal


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Updated: 3/13/2013 10:58 am Published: 3/13/2013 2:14 am


OKLAHOMA CITY (AP) - A plan backed by Gov. Mary Fallin to slash the state's top personal income tax rate has cleared the Oklahoma House.

The House voted 65-30 Tuesday to cut the top rate from 5.25 percent to 5 percent, beginning Jan. 1. The bill now heads to the Senate for consideration.

The Senate approved a separate measure on Monday to cut the rate to 4.75 percent and offset much of the lost revenue with the elimination of various exemptions and deductions.

According to a House fiscal analysis, the bill passed Tuesday would cost the state about $50 million in the upcoming fiscal year and $130 million when fully implemented.

Democrats opposed the measure, saying it would take away critical funding for education, transportation and public safety.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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