Oklahoma Budget Panel OKs Elimination of Tax Credits

Associated Press

OKLAHOMA CITY -- A Senate budget panel has approved the elimination of a pair of investment tax credits designed to save the state an estimated $31 million.

General Conference Committee on Appropriations chairman Mike Johnson said Monday members likely will see the elimination of more tax credits as the state wrestles with a $1.2 billion budget hole for the upcoming fiscal year.

Members of the panel approved Johnson's bill to get rid of two tax credits. The first is an income tax credit for investing in large investment companies that put money into rural business ventures. The second is for investments made by qualified small business capital companies.

Both tax credits were targeted for elimination by Democratic Gov. Brad Henry in his budget proposal.