Ponca City, OK

Now: 96 °F

Currently: Fair

Hi: 96 °F | Lo: 79 °F

Thursday

Hi: 100 °F 

Lo: 79 °F

Friday

Hi: 100 °F 

Lo: 78 °F

Saturday

Hi: 100 °F 

Lo: 77 °F

Sunday

Hi: 99 °F 

Lo: 73 °F

Monday

Hi: 86 °F 

Lo: 69 °F

Republican leaders in Oklahoma rethinking income tax cut

The Associated Press - December 28, 2016 10:30 am

OKLAHOMA CITY (AP) – Facing a budget hole of nearly $870 million and declining revenue collections, Republican legislative leaders in Oklahoma are reconsidering whether to keep in place an income tax cut that could be triggered as early as next year.
Currently, the state’s individual income tax rate would drop from 5 percent to 4.85 percent once revenue collections increase by about $100 million annually.
The Oklahoma Tax Commission predicts that reduction in the income tax rate would cost the state about $97.8 million in 2018.
One bill already introduced in the state Senate by Republican Sen. Ron Sharp would require that state revenue collections increase by closer to $600 million before the tax cut would be triggered.

 

Latest Stories

Police, Firefighters to hold blood drive July 22

The Oklahoma Blood Institute’s bloodmobile will be at Fire Station No. 1 at Grand Avenue and...

Angus McQueen, longtime CEO of PR firm, dies at 74

OKLAHOMA CITY (AP) – Angus McQueen, longtime CEO of the public relations firm that shaped the...

Summer Salon Academy teaches beauty care

Pioneer Technology Center’s Summer Salon Academy practiced the fine arts of nail polishing, hair styling, skin...