House bill to cut Okla. income tax set for hearing - KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo -

House bill to cut Okla. income tax set for hearing

Posted: Updated:

OKLAHOMA CITY (AP) _ A plan to cut Oklahoma's corporate and individual income tax rates once certain revenue triggers are reached is scheduled for a hearing in a Senate committee.
 
The Senate Finance Committee is scheduled to vote on the bill Tuesday.
 
The House and Senate each have separate proposals to reduce the state's individual income tax rate from 5.25 percent to 5 percent, once certain revenue triggers are reached.
 
The House bill set for a hearing Tuesday would drop the rate once income tax collections grow by enough to offset the lost revenue. The cost of such a reduction is estimated to be about $147 million annually.
 
The bill has a separate trigger to drop the corporate income tax rate from 6 percent to 5 percent.
 
___

Online:
 House Bill 2508: http://bit.ly/Nx4awZ

Powered by WorldNow
KSWO-TV, 1401 SE 60th Street
Lawton, OK 73501

Telephone: (580) 355-7000
Fax: (580) 357-3811
Email: news@kswo.com

All content © Copyright 2000 - 2014 Worldnow and KSWO. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.