Oklahoma City, Okla. - Senate Bill Senate Bill 585 by Republican Senators Mike Mazzei of Tulsa and Rick Brinkley of Owasso cleared its biggest hurdle this week, when it was approved by the Senate Finance Committee by a vote of 9 to 3.
The bill would take effect for the 2015 tax year and would lower the state's income tax rate from 5.25 percent to 4.75 percent.
Brinkley said the tax cut would be paid for by eliminating numerous obsolete tax credits and subsidies.
He said it wouldn't create a hardship for state agencies.
"Consumers get to keep their money, voters get to keep their money, and at the same time, we're able to allow the government to be able to meet its obligations to fund education, which is critically important to us and be able to continue function without taking that dangerous of a hit," he said.
He said 90 percent of Oklahoma taxpayers would see a tax reduction or no change at all.