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All Posts Tagged Tag: ‘income tax cut’

House income tax cut proposal gains Senate committee approval (access required)

With one dissenting voice in debate, a House measure that would reduce the top marginal personal income tax rate from 5.25 percent to 5 percent was approved Tuesday by the Senate Finance Committee and now heads to the full chamber.

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Capitol week in review (March 24-28) (access required)

A week of opposite-house committee work was not without drama, particularly regarding the Common Core education standards.

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‘Capitol week in review’ takes a look ahead (access required)

Lawmakers met only three days in brief sessions during this Spring Break week. But we now move toward the heavy-lifting part of the 2014 legislative session.

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Capitol week in review (March 3-7) (access required)

It’s looking much more likely that one of Gov. Mary Fallin’s proposals—to consolidate several art and historical entities into the Oklahoma Tourism and Recreation Department—is a nonstarter for the 2014 legislative session.

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House passes income tax measure after more than 2.5 hours in questions/debate (access required)

Following floor consideration that began at 11:30 a.m. and ended shortly after 2 p.m., House members passed Rep. Earl Sears’ measure that calls for reducing the top marginal personal income tax rate from 5.25 percent to 5 percent in 2016—if a revenue growth trigger is met.

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Senate approves $147 million income tax cut measure deferred to 2016 (access required)

By a vote of 32-10—the latter including two Republicans—senators approved a bill Thursday that would reduce the top marginal personal income tax rate from 5.25 percent to 5 percent beginning Jan. 1, 2016, if revenue for FY 16 is estimated to be equal to or greater than the general revenue estimate certified in February of last year.

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Capitol week in review: (Feb. 17-21) (access required)

Troubling new revenue figures have legislative leaders taking another look at whether the state budget for the upcoming fiscal year can withstand a reduction in the personal income tax, especially one without a revenue-growth trigger or some other mechanism for offsetting the money that would otherwise be lost from the state’s number-one general revenue stream.

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Legislative leaders talk deferring income tax cut, not making ‘wholesale changes’ in judiciary (access required)

Listening to the leaders of the Oklahoma House and Senate, both are taking a cautious approach to reducing the state personal income tax after receiving news this week of a wider revenue shortfall than was estimated in December.

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Senate panel approves income tax reduction bill (access required)

A measure to reduce Oklahoma’s top personal income tax rate from 5.25 percent to 5 percent was approved Tuesday by the Senate Finance Committee.

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Senate GOP cautious on tax cut without replacing revenue (access required)

Last year, when the legislature passed a tax cut, the proposal had a feature that called for replacing the lost funds with growth revenue. “We’ve got a shortfall this year,” Senate President Pro Tempore Brian Bingman said Thursday. “I’ll be interested in to see how we do that along with passing a balanced budget.”

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