Tax Cut

Joe Wertz / StateImpact Oklahoma

The deadline to fund state government is rapidly approaching, and legislators are struggling to bridge a $1.3 billion budget gap. One idea is to end a tax rebate for unprofitable oil and gas wells, but small oil and gas producers say their safety net shouldn’t be used to plug the state’s budget hole.

REVENUE, REBATES

The Oklahoma House of Representatives is in session, and Darlene Wallace is blocking the ornate entrance to the main floor. She’s an obstacle, an oil producer — and she’s clutching a clipboard with the names of lawmakers.

This Week in Oklahoma Politics, KOSU's Michael Cross talks with ACLU Oklahoma Executive Director Ryan Kiesel and Republican Political Consultant Neva Hill about the upcoming Super Tuesday Presidential Primary election including recent visits to the Sooner State by candidates, the Libertarian Party gathers enough signatures to be placed on the ballot along with the Republicans and Democrats and a bill to delay the current tax cut makes it out of committee.

oksenate.gov

A reduction in the state's income tax rate that went into effect on Jan. 1 for most Oklahomans would be rolled back under a bill passed easily on a bipartisan vote in a Senate panel.

Despite objections to the bill from both Gov. Mary Fallin and House Speaker Jeff Hickman, the Senate Finance Committee voted 10-2 on Tuesday to advance the bill to the full Senate.

Committee Chairman Sen. Mike Mazzei wrote the bill and says the reduction in the state's top income tax rate from 5.25 percent to 5 percent should not have gone into effect amid a revenue failure.

This Week in Oklahoma Politics, KOSU's Michael Cross talks with ACLU Oklahoma Executive Director Ryan Kiesel and Republican Political Consultant Neva Hill about a bill by a prominent Senate Republican to stop the current tax cut, other bills filed in the upcoming legislation and possible cuts coming to education in Oklahoma.

The trio also discusses a couple of recent earthquake forums in the OKC metropolitan area, the resignation of the vice chair of the State Republican Party, and Donald Trump brings Sarah Palin to Tulsa.

Joe Wertz / StateImpact Oklahoma

Even as Oklahoma's economy was roaring thanks to an oil boom, Sarah Dougherty watched in disbelief as the Tulsa elementary school her children attend expanded class sizes and eliminated teachers because costly tax cuts and incentives ate up much of the surplus revenue.

Joe Wertz / StateImpact Oklahoma

The State of Oklahoma has enough revenue to trigger an income tax cut, finance officials said Wednesday.

As StateImpact’s Joe Wertz reports, the amount of money available to fund state government is trending flat, but officials say lackluster revenues seem manageable.

About 1.7 million Oklahoma taxpayers pay the top income tax rate, which will drop a quarter point — from 5.25% to 5% — in 2016.

KOSU's Michael Cross talks with Republican Poltical Consultant Neva Hill and ACLU Oklahoma Executive Director Ryan Kiesel about the constitutional challenge of a bill to cut Oklahoma's income tax and a delay in executions.


Becky McCray / Flickr

 

From the start of the legislative session on February 3rd, StateImpact Oklahoma had its eye on what was sure to be a heated issue: the coming expiration of a tax credit for horizontally drilled oil and gas wells. Without action, rates would go from one-percent for the first four years of a well’s life, back to 7 percent.

Joe Wertz / StateImpact Oklahoma

Gov. Mary Fallin on Wednesday signed a bill that makes permanent a generous tax incentive for new oil and gas drilling.

  In This Week in Oklahoma Politics, KOSU's Michael Cross talks to Republican Political Consultant Neva Hill and ACLU Oklahoma Executive Director Ryan Kiesel about a $13M supplemental budget bill under consideration in the State Capitol, the State Treasurer levels warning after Kansas bond rating drops, budget talks appear stalled with just three weeks left in the session and House Speaker Jeff Hickman gets elected to a full two year term.

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