Bills to rein in Oklahoma tax subsidies face opposition
Ponca City Now - February 3, 2016 9:31 am
OKLAHOMA CITY (AP) – Opposition already has surfaced to several bills to rein in state tax subsidies, sending a signal to lawmakers that taking them away will be no easy task.
Gov. Mary Fallin and Republican state legislative leaders all have endorsed repealing or reducing various tax exemptions and deductions as a way to help close a $900 million hole in the state budget.
The Senate Finance Committee on Tuesday killed one bill that would have prohibited companies from taking advantage of two separate tax incentive programs at the same time.
Another to restrict generous state subsidies for wind energy also faces bipartisan opposition.
At the same time, the committee passed unanimously a brand-new sales tax exemption aimed at a Tulsa-area veterans group that was projected to cost the state about $2,800 per year.