Governor’s Office
Governor Fallin today signed into law a landmark income tax reduction bill. House Bill 2032 would cut the top income tax rate from 5.25 percent to 5.0 percent on January 1, 2015. It would cut the rate further, to 4.85 percent, in 2016. Once fully realized, the tax cut would pump $237 million into the private sector.
Fallin said the income tax cut was an important tool for job creation and economic development.
“One of the first questions I get when I am talking to business owners throughout the country is, ‘if I come to Oklahoma, are you going to raise my taxes?’” Fallin said. “Passing a significant and responsible tax cut will help us to recruit these businesses and retain the ones we already have. Our tax cut will ultimately lead to more job opportunities for all Oklahomans.”
Fallin also said the tax cut will help to offset recent tax hikes enacted by the federal government.
