Oklahoma Senate panel OKs repeal of income tax cut trigger
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February 23, 2017
OKLAHOMA CITY (AP) — An Oklahoma Senate committee has approved legislation to repeal the trigger for a cut in the state's individual income tax rate.
The Senate Appropriations Committee on Wednesday voted 32-4 for the bill and sent it to the full Senate for a vote.
Legislation passed in 2014 provided a mechanism to reduce Oklahoma's top tax rate from 5 percent to 4.85 percent when tax collections increase by about $100 million annually, enough to cover the cost of the tax cut. Since then, state revenues have plummeted and the state faces a budget hole of $878 million next year.
State finance o...
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