OKLAHOMA CITY – The richest residents of Oklahoma may be getting a new tax break.
It is a victory for Governor Mary Fallin, who supported a cut in the top income tax rate.
According to the Tulsa World, House Bill 2508 would reduce the top income tax rate to 5 percent from 5.25 percent and the corporate rate to 5 percent from 6 percent if revenues are sufficient to cover the cost.
The tax cut measure will be conditional on improvement to state revenues.
If Governor Fallin signs the bill, it would be put in place in 2016 at the earliest.