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OK Senate panel agrees to delay income tax cut

Posted at 2:56 PM, Feb 23, 2016
and last updated 2016-02-23 16:44:18-05

OKLAHOMA CITY (AP) -- A reduction in the state's income tax rate that went into effect on Jan. 1 for most Oklahomans would be rolled back under a bill passed easily on a bipartisan vote in a Senate panel.

Despite objections to the bill from both Gov. Mary Fallin and House Speaker Jeff Hickman, the Senate Finance Committee voted 10-2 on Tuesday to advance the bill to the full Senate.

Committee Chairman Sen. Mike Mazzei wrote the bill and says the reduction in the state's top income tax rate from 5.25 percent to 5 percent should not have gone into effect amid a revenue failure.

Oklahoma is facing an estimated hole in next year's budget of about $1.3 billion, or nearly 20 percent of last year's spending.

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