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Talks Heat Up on Plans to Slash Okla. Income Tax (May 17, 2012)

OKLAHOMA CITY (AP) - Talks are heating up at the state Capitol on plans to cut the state income tax, but Senate leaders have not reached an agreement with the House and governor's office on how the plan would work.

Gov. Mary Fallin and House GOP leaders are expected to announce their plan to reduce the personal income tax during a news conference Thursday afternoon. Senate Republicans are not a part of that agreement.

The Senate earlier this week announced its plan to slash the

income tax by one-half of 1 percent during the next two years, but wants to pay for the tax cut by eliminating tens of millions of dollars in tax exemptions for both businesses and individuals.

Eliminating exemptions has faced resistance in the House.

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