The Woodward News

Local News

March 7, 2014

House advances tax cut measure

Woodward, Okla. — OKLAHOMA CITY (AP) — A plan to cut both Oklahoma's corporate and individual income tax rates once certain revenue triggers are reached cleared the Oklahoma House on Thursday over the objections of Democrats who contend the resulting loss of funds will decimate critical state services such as education, public safety and health care.

The House voted 57-34 for the bill that includes triggers for both cuts that would first require revenue collections to grow by enough to offset the lost revenue to the state. Because of that provision, the earliest that either tax cut would take effect is Jan. 1, 2016.

"If we have growth, we get an income tax reduction. If we don't, we don't get an income tax reduction," said Rep. Earl Sears, R-Bartlesville, the author of the bill. "I don't think this is too far reaching. I personally believe this is a very modest income tax reduction."

Under the proposal, Oklahoma's top personal income tax rate would drop from 5.25 percent to 5 percent if total income tax collections over the previous year grew by enough to cover the cost of the cut, which is currently estimated at about $147 million.

The measure also includes a separate trigger that would drop the corporate income tax rate from 6 percent to 5 percent if overall corporate income tax collections increased enough to pay for the cut, which is projected to cost the state about $53 million annually.

"We just felt like that (corporate income tax reduction) needed to be a part of the discussion," said House Speaker Jeff Hickman. "A lot of people argue that is just as important, if not more so, in terms of economic development."

The Senate has passed a separate bill to cut the income tax rate from 5.25 percent to 5 percent once overall collections to the state's General Revenue Fund, the main operating fund for state government, return to 2013 levels. That bill has a second cut to 4.85 percent triggered by growth in overall income tax collections.

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