Senate approves revenue bills
Ponca City Now - May 17, 2016 8:46 am
The Oklahoma Senate has given final approval to a series of bills designed to raise revenue for the state, including several that would eliminate various tax credits, including some for low-income Oklahomans.
The Senate passed four bills on Monday that would generate roughly $175 million in revenue to help close a $1.3 billion hole in next year’s state budget.
Among the bills is one that adjusts an earned-income tax credit claimed by an estimated 330,000 low-income Oklahomans that will generate about $29 million in revenue. Another bill would generate about $90 million by eliminating a double income tax deduction in Oklahoma.
The House passed several revenue bills, including one that requires motorists to obtain a new license plate, generating about $15 million for the state.