OKLAHOMA CITY (AP) - The Oklahoma Senate has approved a plan to reduce the state's top personal income tax rate by one-half of 1 percent and offset most of the lost revenue by eliminating or changing dozens of exemptions in the tax code.
The Senate voted 33-13 on Monday for the bill by Tulsa Republican Sen. Mike Mazzei. The vote was mostly along party lines, with Republicans favoring the measure.
Mazzei's bill would slash the top personal income tax rate from 5.25 percent to 4.75 percent, beginning Jan. 1, 2015. The bill also eliminates more than two dozen tax exemptions for businesses and individuals. The overall fiscal impact of the bill is estimated to be about $109 million less for the state when fully implemented.