Fallin signs bill to slash income tax rate in 2015

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Associated Press

Posted on May 14, 2013 at 7:04 AM

OKLAHOMA CITY (AP) — Gov. Mary Fallin has signed a bill to cut Oklahoma's top income tax rate to 5 percent in 2015 and provide $120 million for improvements to the state Capitol.

The income tax cut signed into law by Fallin Monday provides her with a political victory more than two years in the making for the first-term Republican governor.

The bill reduces the state's top income rate that most Oklahomans pay from 5.25 percent to 5 percent beginning Jan. 1, 2015, with a second cut to 4.85 percent set for 2016 if state revenues continue to rise. The drop to 5 percent is expected to cost the state about $136 million annually.

Fallin has pushed for a tax cut since she was elected in 2010.

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Online:

HB 2032: http://bit.ly/12r3SKc

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