the republic logo

Oklahoma taxpayers will see income tax cut in 2016 after panel certifies state revenue trigger

bug
Share/Save/Bookmark

OKLAHOMA CITY — Oklahoma taxpayers will see a slight reduction in their income tax rate in 2016 after a state panel certified state revenues were enough to trigger the cut.

The seven-member Board of Equalization on Thursday certified the general revenue estimate for the upcoming fiscal year was more than the estimate in February 2013, triggering the reduction.

The board also determined Gov. Mary Fallin will have $6.9 billion in available revenue to build her executive budget she will present to legislators in February. That amount is $43 million less than was approved for the governor's budget last year. It's nearly $300 million less than the $7.2 billion state-appropriated budget approved by the Legislature for the current fiscal year.

State finance officials have warned agency leaders to prepare for budget reductions next year.

Think your friends should see this? Share it with them!

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.