Oklahoma Governor Signs Income Tax Cut Bill Into Law

Oklahoma Governor Mary Fallin has signed an income tax cut measure into law.

It will gradually lower Oklahoma's top income tax rate from 5.25 percent to 4.85 percent over several years. The cuts are dependent upon revenue triggers, meaning Oklahoma's general revenue collections must increase before cuts take effect. The earliest they could take effect is in 2016.

Read Senate Bill 1246

Fallin signed the measure Monday. It's one of her top goals for the 2014 Legislature.

Fallin says it will put more than $200 million into the economy each year and make Oklahoma a better place to do business, meaning more opportunities and jobs for Oklahoma families and more revenue for core government services.

The average cut at the 4.85 percent rate will be $158 per year.