OKLAHOMA CITY (AP) - The Oklahoma Senate has given final legislative approval to a bill to repeal the trigger that would cut the state’s individual income tax rate from 5 percent to 4.85 percent.
The Senate voted 32-9 for the bill Monday, sending it to Gov. Mary Fallin who is expected to sign it.
The bill would repeal 2014 legislation that provides a mechanism to reduce Oklahoma’s top tax rate when tax collections increase by about $100 million annually. Since then, revenues have plummeted and the state faces a budget hole of $878 million next year.
People were interested in these podcasts
State finance officials have encouraged lawmakers to repeal the income tax cut until state revenues stabilize.
Officials say the cut would cost about $97 million a year if implemented.
___
Senate Bill 170: https://bit.ly/2oP4Ylh
Please read our comment policy before commenting.