Oklahoma House Passes Standard Deduction Revenue Measure
OKLAHOMA CITY - The Oklahoma House has narrowly approved legislation that would limit the state income tax standard deduction.
House members voted 51-44 for the bill Tuesday and sent it to the state Senate for consideration.
The bill by Republican Rep. Leslie Osborn of Mustang limits Oklahoma's standard deduction by separating it from the federal standard deduction, which is adjusted each year for inflation. The change takes effect in the 2017 tax year.
Republican Rep. Louis Moore of Arcadia says the bill is a "safety measure" to help raise new revenue and fill a projected budget hole of $878 million next year by raising an estimated $4.4 million.
Opponents say the bill places the burden of raising new revenue on the backs of working families.