Ponca City, OK

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Despite ban, Oklahoma House approves revenue bill

The Associated Press - May 23, 2017 10:37 am

OKLAHOMA CITY (AP) – Despite a constitutional prohibition on passing revenue bills in the final week of session, the Oklahoma House approved a plan to generate about $100 million by limiting the amount of itemized deductions Oklahoma taxpayers can claim on their tax returns.
The bill approved Monday caps deductions at $17,000 per year, excluding charitable deductions. It passed on a 56-40 vote and now heads to the Senate for approval.
The bill faced bipartisan opposition from lawmakers who said it would affect those with catastrophic medical expenses or the loss of a home.
Several Democrats argued the measure was unconstitutional and would likely be challenged in court.
Lawmakers are required to adjourn by Friday and are struggling to fill an $878 million budget gap. They could be forced into a special session after budget negotiations collapsed over the weekend.


House Bill 2403: http://bit.ly/2ruw6cX

 

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