Okla. House panel shoots down plan to cut income tax rate

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Updated: 4/02/2013 10:03 am Published: 4/02/2013 7:38 am

OKLAHOMA CITY (AP) - Okla. House panel shoots down Senate-backed plan to cut income tax rate, eliminate exemptions

An Oklahoma Senate-backed plan to cut the state's income tax by one-half of 1 percent and offset much of the lost revenue by eliminating numerous deductions and exemptions has been derailed by a House Committee.

The House Appropriations and Budget Subcommittee on Revenue and Taxation voted 11-2 Monday against the proposal by Bartlesville Republican Rep. Earl Sears.

The bill would have reduced the top personal income tax rate from 5.25 percent to 4.75 percent, beginning Jan. 1, 2015. It also would have eliminated or amended dozens of tax credits, deductions and exemptions.

A separate House bill to cut the rate from 5.25 percent to 5 percent remains alive and is pending in the Senate.

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 This material may not be published, broadcast, rewritten or redistributed.)

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bowlerdave - 4/2/2013 8:31 AM
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That's fine. I didn't need to feed my 8 year old son. He eats almost half a dozen times a week. That's enough.
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