|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.
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