Tax Cut Trigger

posted by Beth Myers -

(AP) The Oklahoma Senate has approved legislation to repeal the trigger for a cut in the state's individual income tax rate.

The Senate voted 39-6 for the bill on Wednesday and sent it to the House for consideration.

Legislation passed in 2014 provided a mechanism to reduce Oklahoma's top tax rate from 5 percent to 4.85 percent when tax collections increase by about $100 million annually, enough to cover the cost of the tax cut. Since then, state revenues have plummeted and the state faces a budget hole of $878 million next year.

State finance officials, including Secretary of Finance Preston Doerflinger and State Treasurer Ken Miller, have suggested that lawmakers scrap or revise the trigger point until state revenues have stabilized. 

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