State Capitol
9:33 am
Tue February 11, 2014

Oklahoma House Income Tax Cut Bill Advances

A plan to deeply slash the state's income tax from 5.25 percent to 4 percent during the next four years has cleared its first hurdle.

A fiscal analysis of the income tax cut bill shows it would take $844 million out of the state budgeting process annually when fully implemented.
Credit 201(k) 2013 / Flickr.com

The House Appropriations Subcommittee on Revenue and Taxation voted 10-3 Monday to approve the bill, which now heads to the full Appropriations Committee for consideration.

The bill by Mustang Republican Representative Leslie Osborn would cut the tax rate to 4.75 percent in 2015, then reduce the rate by .25 percent each year until it reaches 4 percent in 2018.

A fiscal analysis of the bill shows it would cost the state about $844 million annually when fully implemented.

Governor Mary Fallin has called for a .25 reduction in the state's income tax in 2015.

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