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The proposal was the first Senate bill filed ahead of the 2025 legislative session, which starts in February.
The Oklahoma State Budget for Fiscal Year 2015, is a spending request by Governor Mary Fallin to fund government operations for July 1, 2014 – June 30, 2015. Governor Fallin proposed the budget on February 3, 2014. This was Governor Fallin's fourth budget submitted as governor.
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For FY 2011, the state government is projected to collect approximately $5 billion in tax revenue, up 8.29% versus FY2010 revenues of $4.6 billion. Primary receipt categories included: [1] Individual income taxes (1.7B or 34%) Sales taxes (1.6B or 32%) Gross production taxes (434M or 10%) Corporate income taxes (172M or 3%) Motor Vehicle taxes ...
The state budget for fiscal year 2010 began with a decrease in tax revenues of almost $310 million, or 4.4%, from the previous fiscal year. A primary reason for this decrease was enactment of House Bill 1172 in 2006. HB1172 enacted the largest tax cut in state history by lowering the state income tax rate from 6.25% in 2006 to 5.25% in 2011.
Though it's doubtful that the FY 2025 budget will contain a second tax cut, the FY 25 budget will fund state government for the next year and, in the process, hold back a few billion, just in case ...
The corporate income tax rate is a flat tax of 4% for all corporations, regardless of earnings. When established in 1931, the corporate income tax was progressive but became flat in 1935. When established in 1931, the corporate income tax was progressive but became flat in 1935.
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