Scrutiny of Tax Credits Ending
A task force looking at tax credits and incentives in Oklahoma is getting close to a final report by the end of the year.
In one of its final meetings, the Task Force discussed eliminating what the Chairman says is about $500 million in credits and incentives.
Representative David Dank says eliminating the credits could make way to reduce the state income tax to 3% or 4% in the next few years.
“I think that would make us more competitive, and also I’d like to get rid of the sales tax on groceries because I think that’s a basic need that people have to have.”
Dank says the major issue with his fellow lawmakers is transferrable tax credits which can be sold as a commodity to other companies.
The next meeting is set for November 30th, and another might be held in December.