OK Senate Passes Several Bills To Chip Away At Budget Deficit

Tuesday, May 17th 2016, 7:19 pm

The Oklahoma Senate advanced a number of bills designed to whittle away at the state's $1.3 billion budget deficit.

The package of five bills would save the state about $265.3 million, but opponents say it balances the state's budget on the backs of the poor.

Senate Bill 1606 would generate $97 million by ending the double deduction that allows some taxpayers to deduct state taxes twice.

Senate Bill 1582 would raise $14 million by placing a cap on the total amount of credits manufacturers will be allowed for capital investment or new jobs.

Senate Bill 1605 would save $129,000 by eliminating a tax credit for child care facilities.

House Bill 3206 would allow the state to roll over money in the Cash Flow Reserve Fund from year to year, saving $125 million.

And the most controversial, Senate Bill 1604 would raise $28.9 million a year by reducing the earned income tax credit so those who don't pay taxes won't get a refund.