2016 income tax reduction approved

OKLAHOMA CITY (AP) – Oklahoma taxpayers will see a slight reduction in their income tax rate in 2016 after a state panel certified state revenues were enough to trigger the cut.

The seven-member Board of Equalization on Thursday certified the general revenue estimate for the upcoming fiscal year was more than the estimate in February 2013, triggering the reduction.

The board also determined Gov. Mary Fallin will have $6.9 billion in available revenue to build her executive budget she will present to legislators in February. That amount is $43 million less than was approved for the governor’s budget last year. It’s nearly $300 million less than the $7.2 billion state-appropriated budget approved by the Legislature for the current fiscal year.

State finance officials have warned agency leaders to prepare for budget reductions next year.