Tax Cut

State Capitol
8:08 am
Mon May 6, 2013

Lawmakers Approve Income Tax Cut Despite Threat of Reimbursment Costs

Credit 401(K) 2013 / Flickr Creative Commons

A lawsuit by an out-of-state company that challenges a tax break on capital gains for Oklahoma-based businesses is causing some concern at the state Capitol.

An analysis on the potential costs of a tax reimbursement show Oklahoma could be on the hook for as much as $480 million if the court rules in favor of tax payers.

Republican State Rep. Jeff Hickman raised the issue during questions on a tax cut bill approved by the House last week. But budget negotiators said any repercussions of the capital gains issue should be worked out apart from the state budget.

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Tax Cut Proposal
10:18 am
Wed April 24, 2013

Okla. GOP Leaders Agree on Tax Cuts for 2015

Gov. Mary Fallin, Senate President Pro Tem Brian Bingman (R-Sapulpa), and House Speaker T.W. Shannon (R-Lawton) announce their tax cut proposal in the Blue Room of the State Capitol - April 23, 2013
Credit Kurt Gwartney / KGOU

The Republican leaders at the State Capitol gathered in the Blue Room Tuesday to announce what they’re calling major agreements on several key proposals before lawmakers this session.

Gov. Mary Fallin, Senate President Pro Tem Brian Bingman (R-Sapulpa) and House Speaker T.W. Shannon (R-Lawton) each took turns describing the plan to cut state income taxes, change the workers’ compensation system and repair the State Capitol.

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11:00 am
Thu April 4, 2013

Tax Break for Big Corporations Could Mean Even Less Money for Oklahoma Schools

Lead in text: 
State Question 766 passed in November 2012, and eliminated the tax on intangible property: business licenses, trade secrets, company logos, things with value beyond their physical traits. Five months later, a new estimate predicts the impact could be double that, and administrators are wondering what it means for their districts.
  • Source: Npr
  • | Via: StateImpact Oklahoma
State Question 766 passed in November 2012, and eliminated the tax on intangible property: business licenses, trade secrets, company logos, things with value beyond their physical traits. Before the election, the state Tax Commission estimated 766 would mean revenue losses of around $30 million for Oklahoma public schools.
State Capitol
9:05 am
Wed March 13, 2013

Lawmakers Approve Another Tax Cut Bill

OKLAHOMA CITY (AP) — A plan backed by Gov. Mary Fallin to slash the state's top personal income tax rate has cleared the Oklahoma House.

The House voted 65-30 Tuesday to cut the top rate to 5 percent from 5.25 percent, beginning Jan. 1. The bill now heads to the Senate for consideration.

The Senate approved a separate measure on Monday to cut the rate to 4.75 percent and offset much of the lost revenue with the elimination of various exemptions and deductions.

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