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Tax Cuts Coming for Oklahoma

Joe Wertz / StateImpact Oklahoma
Governor Mary Fallin and other state leaders watch a PowerPoint presentation of state revenue projections.

The State of Oklahoma has enough revenue to trigger an income tax cut, finance officials said Wednesday.

As StateImpact’s Joe Wertz reports, the amount of money available to fund state government is trending flat, but officials say lackluster revenues seem manageable.

About 1.7 million Oklahoma taxpayers pay the top income tax rate, which will drop a quarter point — from 5.25% to 5% — in 2016.

There was worry recently that the tax cut wasn’t coming.

That’s because it’s triggered by growth in state revenues that often rise and fall with the price of oil.

At 56 dollars a barrel, the price of crude is the lowest it’s been since 2009.

State finance director Preston Doerflinger says “The trigger was exceeded by approximately $60.7 million. It was close, but it was met. I would say, ‘Congratulations, Oklahoma taxpayers, your taxes go down in 379 days.”

Current estimates project a $6.9 billion budget for Oklahoma in 2016 — roughly 4.1% less than last year.

Joe was a founding reporter for StateImpact Oklahoma (2011-2019) covering the intersection of economic policy, energy and environment, and the residents of the state.
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