After Monday teacher rally, Senate panel proceeds with income tax cut bill
By Barbara Hoberock,
OKLAHOMA CITY — A day after thousands of educators lobbied lawmakers for more education funding, a Senate panel on Tuesday passed an income tax cut that would further erode state revenues.
The Senate Finance Committee voted 8-2 to advance House Bill 2508 by Rep. Earl Sears, R-Bartlesville, and Sen. Mike Mazzei, R-Tulsa. HB 2508 will next be considered by the full Senate.
If certain revenue triggers are met, in 2016 the personal income tax rate would drop to 5 percent from 5.25 percent. The corporate income tax rate would drop to 5 percent from 6 percent.
The cuts would go into effect if state revenue grows enough to cover the cost of the reduction in rates, Sears said.
Full implementation in 2017 of both decreases would cost $200 million, Mazzei said.
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