Mazzei proposes larger tax cut in 2015
BY BARBARA HOBEROCK World Capitol Bureau
Tuesday, February 19, 2013
OKLAHOMA CITY– The Senate Finance Committee on Tuesday advanced a bill that would reduce the state's income tax rate.
Senate Bill 585 by Sen. Mike Mazzei, R-Tulsa, would reduce the top rate to 4.75 percent from 5.25 percent in 2015.
The measure now heads to the full Senate for consideration.
The Mazzei measure would cost nothing in fiscal year 2014. In fiscal year 2015, it would cost $43.5 million and $108 million in fiscal year 2016, Mazzei said.
But given some of the tax reforms efforts that are ongoing, Mazzei said he is confident the measure would be revenue-neutral in three years.
About 90 percent of the state's taxpayers would see a reduction or no change, Mazzei said.
The remainder may see an increase on average of $3 or less, Mazzei said.
The measure proposes changes to some income tax credits and incentives to reduce the cost.
Gov. Mary Fallin has proposed reducing the tax rate to 5 percent.
