Oklahoma House votes to adjust earned-income tax credit
Ponca City Now - May 20, 2016 9:23 am
OKLAHOMA CITY (AP) – The Oklahoma House has voted to adjust the earned-income tax credit claimed by 355,000 low-income Oklahomans.
The House voted 51-45 for the Senate-passed measure and sent it to Gov. Mary Fallin to be signed into law. The vote occurred at 12:24 a.m. Friday after House members suspended a rule that requires them to adjourn by midnight.
The measure makes the earned income tax credit nonrefundable effective this tax year. The state credit is equal to 5 percent of the federal earned income tax credit. Officials say the measure will increase state income tax collections by about $29 million in 2017.
Opponents say it targets the working poor. But supporters say it is needed to help fill a $1.3 billion hole in next year’s state budget.