Oklahoma Senate OK with new trigger for income tax rate cut

OKLAHOMA CITY (AP) — The next scheduled cut to Oklahoma state income tax rates could be delayed under a bill that passed the Oklahoma Senate on Wednesday.

The Oklahoma Senate has approved the measure by a vote of 44-3, sending it to the state House for consideration.

The state income tax rate had been scheduled to drop from 5 percent to 4.85 percent once annual revenue increases exceed the tax cut's estimated cost to the state.

Under the new proposal, the same rate cut would instead go into effect once the state's proposed expenditure authority exceeds $7.25 billion. The Legislature is currently weighing a $6.8 billion budget proposal.

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Senate Bill 1618: http://bit.ly/247Uk5c

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The Gayly - 5/25/2016 @ 2:57 p.m. CDT