Beginning Jan. 1, 2015, Oklahoma’s top marginal income tax rate will drop from 5.25 percent to 5 percent. Gov. Mary Fallin signed the measure Monday. If revenue growth meets a particular trigger, the tax rate will decrease to 4.85 percent in 2016. Unless …
Entries Tagged as 'income tax cut'
May 13th, 2013 · No Comments · Executive Branch, House, Senate
">Reconsideration, adoption of emergency clause on income tax measure frees up funding for Capitol repairs
May 6th, 2013 · No Comments · House
When the House approved HB 2032, the leadership income tax measure, last week, its emergency clause failed to gain the necessary two-thirds majority. That had no effect on the tax cut itself, but would have delayed $60 million in income tax revenue state leaders want to set aside next fiscal year to start renovation and [...]
May 3rd, 2013 · No Comments · Executive Branch, House, Senate
In some ways, this week was like most as a legislative session moves into May, heading down the homestretch toward sine die adjournment. Legislative leaders and the governor came together on major issues, even kicking out a state budget relatively early in the process. Easy-peasy, right?
May 1st, 2013 · No Comments · House
House members approved House Speaker T.W. Shannon’s capital infrastructure bill and the leadership income tax cut Wednesday afternoon—but the latter remains in the House due to defeat of its emergency clause.