Senate Sends Income Tax Cut To Conference
State Senate sends measure that would reduce income tax rates to committee
By Barbara Hoberock World Capitol Bureau
OKLAHOMA CITY — The Oklahoma Senate on Tuesday passed a measure that would reduce the individual and corporate income tax rates.
House Bill 2508 would reduce the top income tax rate to 5 percent from 5.25 percent and the corporate rate to 5 percent from 6 percent if revenues are sufficient to cover the cost.
If fully implemented, the measure would cost $200 million in fiscal year 2017.
Rep. Earl Sears, R-Bartlesville, and Sen. Mike Mazzie, R-Tulsa, are the authors of the bill, which now heads to a conference committee. If the measure comes out of the conference committee, it must return to the House and then the Senate.
A similar Senate tax cut bill is expected to heard on the House floor this week.
Senate Bill 1246 would not reduce corporate income taxes but would allow for a further reduction in the individual income tax rate if there’s enough revenue growth, taking the top rate down to 4.85 percent.