Governor proposes one-time tax cut
OKLAHOMA CITY (AP) - Gov. Mary Fallin will urge lawmakers to consider a one-time tax cut with no offsetting loss of exemptions or deductions when the Legislature convenes on Feb. 4.
At a forum hosted by The Associated Press on Wednesday, Fallin said she will propose a permanent tax cut that she says will be ``responsible'' and lead to economic growth that will ultimately offset the lost revenue.
Fallin declined to say how much of a cut she will propose, adding that the details will be outlined in her State of the State address to lawmakers on the opening day of session.
Fallin says her plan will not include automatic triggers to further reduce the income tax rate if certain revenue conditions are met.
Oklahoma's top income tax rate is currently 5.25 percent.
Copyright 2012, The Associated Press