Mazzei Committee Green Lights Fallin Tax Cut Bill
Senate committee OK’s income tax reduction
BY BARBARA HOBEROCK World Capitol Bureau
Thursday, April 04, 2013
OKLAHOMA CITY – A Senate panel on Thursday passed a measure to reduce the income tax.
The Senate Finance Committee passed a committee substitute for House Bill 2032, by House Speaker T.W. Shannon, R-Lawton, and Senate Pro Tem Brian Bingman, R-Sapulpa.
Under the measure, the state’s top income tax rate would drop to 4.95 percent on Jan. 1, 2015, from the current rate of 5.25 percent. The original measure dropped the rate to 5 percent as proposed by Gov. Mary Fallin.
Senate Finance Committee Chairman Mike Mazzei, R-Tulsa, put the original measure on hold earlier this week after a House panel killed his proposal to reduce the rate to 4.75 percent and eliminate some tax credits and exemptions.