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Fallin Proposes Income Tax Cut (Feb 04, 2013)

OKLAHOMA CITY (AP) - Gov. Mary Fallin is asking lawmakers to approve a one-quarter of 1 percent cut to the state's top income tax rate.

In prepared remarks to the Oklahoma Legislature to begin the 2013 legislative session, Fallin in her State of the State address urged lawmakers to reduce the top rate from 5.25 percent to 5 percent. The top rate applies to Oklahomans who earn more than $8,700 annually.

Fallin last year proposed sweeping changes to the state's tax code and a dramatic cut to the top rate of nearly 2 percent, but lawmakers balked at her proposal and ended up failing to pass any tax cut.

Fallin's office projects her proposal will cost the state $40 million in the first year and about $105 million annually when fully implemented.

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