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Income tax cut trigger repealed in Okla. House

OKLAHOMA CITY — Lawmakers are scrambling to figure out how to fix a huge budget gap.

State revenues have plummeted and the state faces a budget hole of $878 million next year.

One idea is to repeal legislation passed in 2014 that provided a mechanism to reduce Oklahoma's top tax rate from 5 percent to 4.85 percent when tax collections increase by about $100 million annually.

State finance officials have encouraged lawmakers to repeal the income tax cut until state revenues stabilize.

On Wednesday, representatives took their advice.

The House approved the measure on 75-12 vote and sent the bill to the state Senate for final passage.

Officials say the cut would cost about $97 million a year.

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