Okla. Senate panel OKs $25M in cuts to tax credits
OKLAHOMA CITY (AP) - A Senate budget panel has approved more than $25 million in cuts to income tax credits that are designed to help plug an estimated $1.2 billion hole in the state budget.
The bill approved Tuesday by the Senate General Conference Committee on Appropriations targets 30 separate tax credits, including certain job-creating investments that cost the state an estimated $14.2 million annually.
The proposal still must pass a similar House committee before it can proceed to the floor of the House and Senate.
Among the other credits targeted by the bill are the purchase and production of coal, investments in agricultural processing facilities and the construction of energy-efficient homes.
Senate Democrats did not support the GOP-sponsored bill.