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

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

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