Income Tax Cut Bill Stalls
A State House plan to cut the top income tax rate from 5.25% to 5% gets held over in a Senate committee.
The Senate must hear the House Bill in committee by Thursday or it could be dead for the session.
The Chairman of the Finance Committee who held over House Bill 2032 had his own tax cut bill killed in committee on Monday.
Senator Mike Mazzei says he’s disappointed his bill to cut the top rate down to 4.75% failed to get out of the committee.
“I think that’s a very good plan to allow us to lower the tax burden on all hard working Oklahomans.”
The Tulsa Republican says he held the bill over so that the GOP caucus could have time to discuss the future of the personal income tax cut.
Mazzei says there’s still time to reconvene his Finance Committee to hear the bill before Thursday, and, with eight weeks still left in session, he hopes to revisit his own tax cut plan.