OKLAHOMA CITY – The richest residents of Oklahoma may be getting a new tax break.
It is a victory for Governor Mary Fallin, who supported a cut in the top income tax rate.
Senate Bill 1247 would reduce the top income tax rate from 5.25 percent to 5 percent if state revenue projections are greater than projections in December 2014.
“Our state has seen economic growth and record revenues due to our competitive income tax policies and pro-business environment,” said Rep. Leslie Osborn. “This measure allows Oklahomans greater control over their hard-earned money. They will either spend or invest those dollars and further strengthen our economy.”
The tax cut measure will be conditional on improvement to state revenues.