DALLAS — The Oklahoma Senate adopted a 10-year phaseout of the state’s personal income tax Monday that could reduce revenues by more than $4 billion over the next four fiscal years.

SB 1517 passed by a 30-to-17 vote and was sent to the House, where a similar measure, HB 3038, has been introduced. Neither bill would alter the corporate tax structure.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.