Oklahoma Governor signs bills to slash income tax rates

OKLAHOMA CITY (AP) — Oklahoma Gov. Kevin Stitt has signed a package of bills to cut the corporate and top individual income tax rates.

Another bill Stitt signed on Friday restores the refundability of the earned income tax credit, which aims to help low-income Oklahomans.

The bills were part of a budget agreement announced with Republican legislative leaders last week. According to a House analysis of the bills, the tax cuts are expected to cost the state about $330 million in revenue each year once fully implemented.

Stitt also signed a bill to increase to $50 million the amount of tax credits available for contributions to private and public schools.