‘Perfect storm’ shutting down Oklahoma’s next tax cut
by Dale Denwalt
Oklahomans expecting an income tax cut will probably have to keep waiting.
Lawmakers have approved a bill repealing the next automatic cut, which could trigger as state revenues improve.
The Oklahoma House overwhelmingly supported the measure on Wednesday. It has to return to the Senate for a procedural vote before heading to Gov. Mary Fallin’s desk, but the bill’s authors expect no problems.
If Fallin signs it, the top tax rate will remain at 5 percent.
A 2014 law linked the state tax rate to revenue growth so that as Oklahoma brought in more money, the rate would automatically fall. The next and final trigger would lower the tax rate to 4.85 percent for single-filers’ taxable income over $8,700 and joint filers’ income over $15,000.