Governor Mary Fallin Tuesday released the following statement after the state Board of Equalization met to certify the latest revenue estimates. New revenue figures show the state will have $106.4 million more than estimated at a previous board meeting in December.
“The revenue estimates certified today show lawmakers will have a budget shortfall of approximately $500 million to make up during the coming fiscal year which is an improvement over previous estimates and gives us hope the economy is slowly recovering,” Fallin said. “But to make sure Oklahoma fully recovers from the national recession, we must continue to streamline and modernize state government, eliminate unnecessary spending and implement pro-business reforms to attract new jobs and more opportunities for working Oklahomans.”
The revenue estimates certified by the Board of Equalization were enough to enact the income tax trigger in state law, meaning the individual state income tax rate will drop from 5.50 percent to 5.25 percent.
“I’m encouraged that revenue collections were enough to ensure the state income tax rate will be lowered to 5.25 percent. These tax cuts will provide relief to Oklahoma families and small businesses and continue to make Oklahoma a more competitive state in today’s global economy,” Fallin said.