Gov. Mary Fallin has pushed for a tax cut since she took office in 2010. Today, she signed into law a bill to cut Oklahoma's top income tax rate to 5 percent in 2015.
The bill reduces the state's top income rate that most Oklahomans pay from 5.25 percent to 5 percent beginning Jan. 1, 2015, with a second cut to 4.85 percent set for 2016 if state revenues continue to rise. The second tax cut is contingent on total revenue growth for Fiscal Year 2016 being equal to or greater than the fiscal impact of a .15 percent tax cut.
Fallin says cutting the income tax will help recruit business to the state and retain the ones already here. She says it will ultimately create more job opportunities for Oklahomans.
Also included in the newly-signed bill is authorization for 120 million dollars for improvements to the state Capitol.