State Supreme Court says income tax cut OK
Ponca City Now - December 3, 2014 6:54 am
OKLAHOMA CITY (AP) – The Oklahoma Supreme Court says a bill passed by the Legislature this year to reduce Oklahoma’s personal income tax rate is constitutional, clearing the way for a tax cut in 2016 if certain revenue conditions are met.
In a decision Tuesday, the state’s highest court rejected an Oklahoma City attorney’s argument that the income tax cut was a revenue-raising bill that should have originated in the Oklahoma House and received three-fourths approval votes.
But the justices said the supermajority requirements approved by voters in 1992 with State Question 640 don’t apply to a bill to reduce income tax rates.
Seven justices concurred. Two didn’t vote.
The bill reduced Oklahoma’s top rate from 5.25 percent to 5 percent in 2016, if revenue collections meet certain triggers.