OKLAHOMA CITY (AP) - A House leader is unveiling a new plan to cut the state's income tax that would first require enough revenue growth to cover the cost of the reduction.
Bartlesville Republican state Rep. Earl Sears says his bill will be considered late Wednesday in the House Appropriations and Budget Committee.
Sears' bill would drop Oklahoma's top personal income tax rate from 5.25 percent to 5 percent, beginning in January 2016, but only if overall income tax collections increased by an amount equal to or greater than the projected cost of the tax cut. Sears says the plan is a "responsible" way to cut taxes.
The Oklahoma Tax Commission's current estimated projected cost of a .25 percent reduction in the state income tax is $147 million.
House Bill 2508: http://bit.ly/Nx4awZ
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