Tax Cut

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.

Pages