Baker said that if the estimated revenue covers the cost of reducing the rate for a full year, then the Board of Equalization’s preliminary finding would be that they would anticipate a final determination in February that the conditions for the reduction have been met, Baker said.

“I think it is unlikely that it will be hit,” said State Treasurer Ken Miller, a member of the Board of Equalization. “It doesn’t look like the growth revenue that is required will be there.”

The cost of reducing the tax rate to 4.85 percent from 5 percent for a full year will be about $97.8 million, Baker said.

“The problem is the trigger was set so if we see almost any growth in revenue from last year, that tax cut will take effect even though we may end up being as much as $400 million down from where we were just two years ago,” said David Blatt, executive director of the Oklahoma Policy Institute. “I think we would be shooting ourselves in the foot again like we did last time if we move ahead with tax cuts when we are still facing giant shortfalls and continuing to cut critical services.”

State Auditor and Inspector Gary Jones, a member of the Board of Equalization, said he doesn’t think it would be appropriate to further reduce the rate when agencies are having to make cuts.