Tax plans likely to be focus of 2012 Okla. session

Associated Press

OKLAHOMA CITY (AP) - As lawmakers return to the Capitol for the 2012 session, no issue is expected to receive as much attention as plans to overhaul the state's tax code and slash Oklahoma's individual income tax.

The tax issue has been a top priority for GOP legislative leaders and Republican Gov. Mary Fallin, who are anxious to flex their political muscle. They maintain that cutting the income tax will make the state more business friendly and attract more companies to the Sooner State.

The implications are especially significant because the income tax accounts for more than one-third of the revenue that lawmakers spend each year.

Fallin will release details of her plan on Monday, when she presents her executive budget and delivers her State of the State address to lawmakers.

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