From NewsOK:

Rep. Jeff Hickman, the House author of the bill, said passage of Senate Bill 315 keeps alive the possibility of an income tax cut, even though House Speaker Chris Benge, R-Tulsa, and Gov. Brad Henry have said any tax cut seems unrealistic this year because revenues alone are estimated to be down more than $600 million compared with a year ago.

The bill heads back to the Senate and will end up in a conference committee as work develops on crafting the budget for the upcoming fiscal year, said Hickman, R-Dacoma. It’s estimated the state’s actual budget deficit will be closer to about $300 million, as federal economic stimulus money and some available cash on hand could take care of about $600 million of the expected shortfall, he said.

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