No Trigger

posted by Beth Myers -

(AP) The Oklahoma Senate has given final legislative approval to a bill to repeal the trigger that would cut the state's individual income tax rate from 5 percent to 4.85 percent. The Senate voted 32-9 for the bill Monday, sending it to Governor Mary Fallin who is expected to sign it.

The bill would repeal the 2014 legislation that provides a mechanism to reduce Oklahoma's top tax rate when tax collections increase by about $100 million annually. Since then, revenues have plummeted and the state faces a budget hole of $878 million next year. State finance officials have encouraged lawmakers to repeal the income tax cut until state revenues stabilize. Officials say the cut would cost about $97 million a year if implemented.

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