Lawsuits threaten to nullify Okla. tax legislation

OKLAHOMA CITY (AP) - State fiscal analysts say legal challenges to two tax laws that were among the Oklahoma Legislature's major accomplishments this year will have little impact on the state budget that goes into effect on Tuesday.

But organizations representing Oklahoma oil and natural gas producers said Friday that the industry could be harmed if a law adjusting Oklahoma's tax on oil and gas production is ruled unconstitutional.

The challenges were filed with the Oklahoma Supreme Court by Oklahoma City attorney Jerry Fent.

One challenges legislation that cuts the state top income tax rate from 5.25 percent to 5 percent in 2016 if revenue triggers are met. The other sets tax rates at 2 percent for the first three years of production on oil and natural gas wells drilled after July 1, 2015.