Oklahoma lawmakers propose separate bills that would see income tax cuts in effect by 2016

OKLAHOMA CITY - State income taxes could come down by 2016 if some Oklahoma lawmakers get their way.

Both the Senate and the House unveiled competing tax cut bills Wednesday, both of which require improvement to the state's revenue before cuts can begin.

Revenue projections have been on the decline.

The Senate bill would cut the state's top income tax from 5.25 percent to 5 percent -- the House bill would see similar cuts -- but the bill states general revenue has to increase to $86.5 million before cuts begin.

Cuts could go down even further if there is a healthy growth in the state's general revenue.

If approved the cuts could begin as early as 2016.

Governor Mary Fallin says she supports tax cuts but is not yet supportive of either bills.

Read more about the bills .

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