Oklahoma

Oklahoma lawmakers approved using their rainy day fund for recovery after a killer tornado, but a proposed $500 million state bond issue for school shelters will have to wait.

Muskogee County Independent School District No. 20, Okla. will provide laptops to students with proceeds from $49.5 million of bonds approved May 12.

Tulsa County Independent School District No. 1 will upgrade its instructional technology with $38 million of bonds approved last week.

Oklahoma may fund work on two state museums with $80 million of tax revenue rather than bonds.

Gov. Mary Fallin vetoed a pension reform bill because it did not lower the state retirement system's unfunded liabilities.

Oklahoma's monthly gross revenues reached a record monthly high of $1.27 billion in April.

Oklahoma's top income rate will go to 5% on Jan. 1, 2015, from the current 5.25% with final passage of a tax bill.

A U.S. Supreme Court ruling on Texas' right to draw water from Oklahoma could have a major impact on interstate water compacts across the nation, experts said.

Oklahoma Gov. Mary Fallin and legislative leaders agreed to lower the top state income tax rate to 5% from the current 5.25% in 2015 while using cash instead of bonds to renovate the state capitol.

The Internal Revenue Service has closed an audit without changing the tax exempt status of $52 million of sales tax revenue bonds the Cleveland County, Okla., Justice Authority issued in 2009.

State tax collections were off in March, but the picture was brightened by healthy gains in the corporate income tax.

An Oklahoma Senate plan to delay a reduction of the state income tax rate for a full year will be opposed by Gov. Mary Fallin and the House leadership.

High prices for Oklahoma natural gas are credited for the slight increase in March revenues, Treasurer Ken Miller said last week.

The Oklahoma Senate adopted a proposed constitutional amendment that would cap how much debt service could be paid each year on bonds supported from state taxes.

February's 10% drop in state revenue is due to volatile income tax collections and not a cause for concern.

Tulsa voters may face two separate elections on a proposed $800 million capital improvement program.

Oklahoma Gov. Mary Fallin's request to cut the top state income tax rate to 5% was approved Tuesday by the state House .

Oklahoma revenues last month fell below collections in February 2012, marking the fifth time in the past 12 months that collections did not attain the previous year's totals.

Tulsa Mayor Dewey Bartlett wants to extend a sales tax to finance police and fire recruiting and training efforts.

Democratic lawmakers and local school officials call on the Oklahoma Legislature to avoid tax cuts they said would damage public education.