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Senate Panel Passes Bill to Cut Oklahoma Income Taxes

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OKLAHOMA CITY (AP) — A plan to cut Oklahoma's corporate and individual income tax rates once certain revenue triggers are reached has passed a Senate committee.

The Senate Finance Committee voted 8-2 on Tuesday for the House bill by Bartlesville Republican Rep. Earl Sears.

The House and Senate each have separate proposals to reduce the state's individual income tax rate from 5.25 percent to 5 percent, once certain revenue triggers are reached.

The House bill would drop the rate once collections to the state's General Revenue Fund grow by enough to offset the lost revenue. The cost of such a reduction is estimated to be about $147 million annually.

The bill has a separate trigger to drop the corporate income tax rate from 6 percent to 5 percent.