Okla. Senate OKs Personal Income Tax Cut

Law360, New York (February 27, 2014, 5:32 PM EST) -- The Oklahoma Senate on Thursday approved a bill to shave the state's top personal income tax rate from 5.25 percent to 5 percent if the state's 2016 fiscal year budget surpasses its 2014 levels. 

The measure passed 32-10 and now heads to the state House.

Senate Bill 1246 seeks to maintain Oklahoma's current 5.25 percent top rate through 2015 and reduce the rate in 2016 if budgetary conditions are met. And if the state reaches certain revenue growth after the 5 percent rate is implemented, the...
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