Gov. Mary Fallin is a step closer to having a bill to cut Oklahoma’s personal income tax reach her desk this year.
The Oklahoma Senate voted 32-14 Wednesday for a bill that would cut the tax rate from 5.25 percent to 5 percent, beginning in 2015. A second cut would take effect in January 2016, but only if state revenues increased. Every Democrat in the Senate opposed the bill, along with two Republicans.
Democrats say it’s fiscally irresponsible to cut taxes when the state has cut funding in recent years for education.
Fallin is hoping to avoid a repeat of last year when she and legislative leaders announced a deal on a tax cut, only to see the proposal fall apart in the waning days of the session.