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Income taxes rates lowered for some with new law

Fiscal cliff tax money

OKLAHOMA CITY – It’s a victory for Governor Mary Fallin.

She said she plans to sign House Bill 2032 which lowers the top personal income tax rate.

Beginning in January 2015, the top personal income tax rate drops from 5.25 percent to 5 percent.

One year later, that top rate should drop once more to 4.85 percent.

The bill passed on party lines.

No democrats voted for House Bill 2032 and seven Republicans voted against it.

The state will have $237 million less a year to spend.

But the governor and Republican lawmakers said they believe the cut will stimulate economic growth.