Okla. House panel OKs steep cut to income tax rate
OKLAHOMA CITY (AP) — A plan to deeply slash Oklahoma's income tax from 5.25 percent to 4 percent during the next four years has cleared its first hurdle.
The House Appropriations Subcommittee on Revenue and Taxation voted 10-3 Monday to approve the bill, which now heads to the full Appropriations Committee for consideration.
The bill by Mustang Republican Rep. Leslie Osborn would cut the tax rate to 4.75 percent in 2015, then reduce the rate by .25 percent each year until it reaches 4 percent in 2018.
A fiscal analysis of the bill shows it would cost the state about $844 million annually when fully implemented.
Gov. Mary Fallin has called for a .25 reduction in the state's income tax in 2015.