Oklahoma Senate approves repeal of income tax cut trigger
May 7, 2017
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.
State finance officials have encouraged...