Fallin Tax Cut Measure Awaiting Senate Action
Governor’s tax cut on hold in Senate committee
BY BARBARA HOBEROCK World Capitol Bureau
Tuesday, April 02, 2013
OKLAHOMA CITY– Gov. Mary Fallin’s tax-cut proposal was laid over Tuesday in the Senate Finance Committee.
The action comes after a House panel on Monday killed Senate Bill 585 by Senate Finance Committee Chairman Mike Mazzei, R-Tulsa, to reduce the state income tax to 4.75 percent from 5.25 percent.
Mazzei’s measure would pay for itself by eliminating some exemptions and tax credits.
The Fallin proposal, House Bill 2032, authored by House Speaker T.W. Shannon, R-Lawton, and Senate President Pro Tem Brian Bingman, R-Sapulpa, would reduce the income tax rate to 5 percent and cost about $120 million when fully implemented.