By SEAN MURPHY, Associated Press
Updated 3:30 pm, Tuesday, April 23, 2013
OKLAHOMA CITY (AP) — Gov. Mary Fallin and Republican legislative leaders announced a plan Tuesday to cut Oklahoma’s top personal income tax rate to 5 percent starting in January 2015, overhaul the workers’ compensation system and set aside $120 million to repair the state Capitol.
Fallin, Senate President Pro Tem Brian Bingman and House Speaker T.W. Shannon unveiled the details of a broad agreement that also calls for an eight-year plan to pay for infrastructure improvements to state buildings and other properties.
The tax cut, a top priority for Fallin, would drop the top personal income tax rate from 5.25 percent to 5 percent, effective Jan. 1, 2015. A second cut would drop the rate further, to 4.85 percent, beginning Jan. 1, 2016, but only if state revenues grow by more than $40 million in fiscal year 2016.