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Oklahoma Senate clears bill to cut state's individual, corporate income tax rates

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OKLAHOMA CITY — A House-backed plan to cut both the state's individual and corporate income tax rates has passed the Oklahoma Senate, although a final agreement on a tax cut has yet to be reached.

The bill that passed Tuesday in the Senate on a 29-19 vote would reduce the state's top individual income from 5.25 percent to 5 percent, once certain revenue growth triggers are met. The measure also includes a separate trigger to drop the corporate income tax rate from 6 percent to 5 percent.

The earliest that either cut could take effect is tax year 2015.

A separate Senate tax cut bill is pending in the House.

The governor and legislative leaders are expected to negotiate a final version of a proposed tax cut.


Online:

House Bill 2508: http://bit.ly/Nx4awZ

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