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Okla. Income Tax Cut Set For 2015

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Associated Press

OKLAHOMA CITY (AP) - Two Republicans with knowledge of Oklahoma budget negotiations say Gov. Mary Fallin and legislative leaders have reached a deal to cut the state's top personal income tax rate from 5.25% to 5% in 2015.

Fallin and House and Senate leaders scheduled an announcement Tuesday to discuss the tax cut, along with plans to overhaul the state workers' compensation system.

Two Republicans close to the discussions told AP the tax cut will include a drop in the top income tax rate from 5.25% to 5%, starting in 2015. Both spoke on condition of anonymity because they were not authorized to disclose the plan ahead of the announcement.

Under the plan, a second cut to 4.85% would take effect in 2016 if certain revenue triggers are met.

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