Ponca City, OK

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Talks on Oklahoma budget break down at rare weekend session

The Associated Press - May 21, 2017 8:49 am

Talks on Oklahoma budget break down at rare weekend session
OKLAHOMA CITY (AP) – Talks have broken down yet again between Oklahoma lawmakers meeting for a rare weekend session to find ways to close a nearly $880 million budget hole.
Legislators are bound by the state’s constitution to pass revenue-raising measures by Sunday or be forced to call a special session to complete work on the budget for the fiscal year that begins July 1.
One sticking point during Saturday’s negotiations was a proposal by Democrats to increase the gross production tax on oil and natural gas wells from its current 2 percent level up to as much as 5 percent on a sliding scale.
Oklahoma’s oil and natural gas industry and some Republican leaders have said that too much of a tax increase could prompt companies to drill in other states.

 

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