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Legislative Update - Income Tax (Apr 27, 2012)

OKLAHOMA CITY (AP) - State leaders are claiming success in pushing some of their major initiatives past a key legislative deadline this week, but with a month left in the 2012 session it's clear not everyone is getting all they wanted.

Proponents for deep tax cuts and the ultimate elimination of the state's income tax, anti-abortion groups, district attorneys and anti-smoking advocates all have suffered setbacks so far this legislative session.

The governor's ambitious proposal to slash the state's top income tax rate from 5.25 percent to 3.5 percent remains alive, but legislative leaders acknowledge a cut that deep isn't likely this session. Negotiations are ongoing, but the elimination of various tax credits and deductions needed to help offset the cost of the cuts gained little traction this legislative session.

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