OKLAHOMA CITY — A panel of state leaders has made a preliminary finding that Oklahoma's revenue growth is enough to trigger a cut in the state's top income tax rate for the 2012 tax year.

The State Board of Equalization voted 6-1 on Tuesday that early estimates show there is enough growth in state revenue to reduce the state's income tax rate from 5.5 percent to 5.25 percent.

Outgoing Democratic Attorney General Drew Edmondson cast the lone "no" vote, saying afterward he felt it was "the wrong time to be cutting taxes."

The seven-member board will meet again in February to make a final determination on whether the 4 percent growth rate in state revenue has been met. The tax cut is expected to cost the state more than $120 million each year.

Governor-elect Mary Fallin and Republican legislative leaders are in favor of the income tax cut. Fallin, House Speaker-elect Kris Steele and Senate President Pro Tem-elect Brian Bingman announced their support in a joint press release Tuesday afternoon.

They claim the cuts will save Oklahoma families 150 million dollars per year. Fallin said the tax cut will also make the state a better place to do business.