With the state facing a $611 million budget hole, more than 90 Oklahoma businesses, foundations and nonprofit agencies are asking the governor and Republican legislative leaders to halt a scheduled income tax cut.
The Oklahoma Policy Institute delivered a letter Tuesday to Gov. Mary Fallin, Senate President Pro Tem Brian Bingman and House Speaker Jeff Hickman.
The tax cut approved by the Legislature last year will drop the top personal income tax rate from 5.25 percent to 5 percent, beginning Jan. 1. The cut is expected to cost the state $57 million in the fiscal year that begins July 1, and about $147 million annually after that.
The governor and legislative leaders have consistently said they have no plans to stop the tax cut from taking effect.
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