Lawmakers believe eliminating the zero-emissions tax credit will save the state $500 million over the next 10 years.
tax credits
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Candidates in HD85’s GOP primary election face challenges
As the primary election for HD85 nears, Republican contenders expect challenges due to low voter turnout.
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The gap
Rotunda of the state Capitol Credit: Shannon Cornman Despite rising income inequality in the U.S. — a growing gap spotlighted by last year’s presidential campaign and the Occupy Wall Street movement — some Oklahoma leaders have wanted to make the state’s already-regressive tax code even more so. Although the top 5 percent of the state’s […]
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Tax credits worth saving
Based on rhetoric surrounding Oklahoma’s income tax debate, some lawmakers seem to think so. Gov. Mary Fallin and other state leaders are eager to cut the top income tax rate this year. They say we can offset some of the cut by eliminating “special interest” tax credits and deductions. Yet when the details emerge, we […]
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Saving college savings
Oklahoma families can deduct up to $20,000 each year for their contributions to the state’s college savings plan, and their investment can grow tax-free. This legislative session, an effort is under way to eliminate this tax deduction that is critical for many middle-income families. Long-term gains for our state and people should not be sacrificed […]
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Fade out
Senate Bill 1623 has made it past the state Senate Finance Committee and is awaiting further action in the Senate. Authored by Sen. Mike Mazzei, R-Tulsa, it would eliminate a number of special tax credits and subsidies in order to compensate for revenue lost by reducing the state’s top marginal income tax rate from 5.25 […]