March 7, 2014
Governor Mary Fallin today praised the Oklahoma House of Representatives for passing a tax cut measure. House Bill 2508 would cut the income tax rate from 5.25 to 5 percent beginning in 2016 provided personal income-tax revenues are equal or greater in fiscal year 2015 than revenues generated in fiscal year 2014.
"The House of Representatives took an important step today towards delivering meaningful, responsible tax relief to Oklahoma families,” said Fallin. “Reducing the income tax allows working Oklahomans to keep more of their hard earned money while helping to attract and retain jobs and businesses. It is an important part of our strategy to grow our economy and continue Oklahoma’s forward momentum.”
HB 2508, which passed the House 57-34, was authored by Representative Earl Sears. It now goes to the Oklahoma Senate.