Deal on fiscal cliff affects Okla. tax collections
OKLAHOMA CITY (AP) - Oklahoma finance officials say a tax package approved by Congress to avert the fiscal cliff in Washington will result in less projected income tax collections for the upcoming fiscal year, although the exact amount is still being determined.
Officials with the Office of Enterprise and Management Services said Thursday an estimated $50 million in income tax revenue projections certified last month were based on the assumption that higher federal income tax rates would take effect Jan. 1. Since most of those tax hikes were averted as a result of the deal reached in Congress, OEMS spokesman John Estus says some percentage of that $50 million will not be available.
Estus says the Oklahoma Tax Commission is working to determine exactly how much projected revenue will be lost.
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