OKLAHOMA CITY (AP) - The next scheduled cut to Oklahoma state income tax rates could be delayed under a bill that passed the Oklahoma Senate on Wednesday.
The Oklahoma Senate has approved the measure by a vote of 44-3, sending it to the state House for consideration.
The state income tax rate had been scheduled to drop from 5 percent to 4.85 percent once annual revenue increases exceed the tax cut’s estimated cost to the state.
Under the new proposal , the same rate cut would instead go into effect once the state’s proposed expenditure authority exceeds $7.25 billion. The Legislature is currently weighing a $6.8 billion budget proposal.
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Senate Bill 1618: https://bit.ly/247Uk5c
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