Shannon, Bingman Weighing Tax Cut Timing
Tax cut timing weighed by Oklahoma lawmakers
BY BARBARA HOBEROCK World Capitol Bureau
Friday, April 12, 2013
OKLAHOMA CITY – House Speaker T.W. Shannon said Thursday that if a proposed tax cut is delayed, it should be deeper than the reduction to 4.95 percent currently under consideration.
The state Senate is considering House Bill 2032, which would drop the top income tax rate to 4.95 percent on Jan. 1, 2015, from the current rate of 5.25 percent.
A cut of that level would result in an average savings of about $99 per tax return, said Paula Ross, a spokeswoman for the Oklahoma Tax Commission.
Senate President Pro Tem Brian Bingman, R-Sapulpa, said delaying the effective date to 2015 would free up funds to repair the crumbling state Capitol.