Claremore Daily Progress

April 4, 2013

New income tax cut plan emerges in Okla. Senate

Staff Reports
Associated Press

OKLAHOMA CITY — A new plan to slash Oklahoma's top personal income tax rate has emerged in the Senate with a delay until 2015 and a change to five separate tax credits the state offers.

The revised bill was unveiled Thursday in the Senate Finance Committee and approved on an 8-2 vote, with both Democrats on the panel opposing the measure.

The bill would cut the top income tax rate from 5.25 percent to 4.95 percent, beginning in 2015. It also would also eliminate the transferability of five separate tax credits for coal mining, wind power, rehabilitation of historic buildings, energy efficient home construction and railroad modernization.

The bill differs from a plan endorsed by House Speaker T.W. Shannon and Gov. Mary Fallin to cut the top rate to 5 percent.