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8:07 am
Thu March 15, 2012

GOP-led Okla. House weighs Fallin's tax reforms

OKLAHOMA CITY (AP) — The Oklahoma House is considering Governor Mary Fallin's proposal to reduce the state's income tax and help pay for it by eliminating dozens of tax credits, deductions and exemptions.

House Speaker Kris Steele introduced the bill in the House on Wednesday, but agreed to delay debate on the measure after concerns were raised over the fiscal impact of several amendments to the bill. Debate was expected to resume Wednesday afternoon.

Support in the Legislature appears to be eroding for several of the tax exemptions and deductions that have been suggested as a way to offset the revenue lost by reducing the income tax. Retirees have started lobbying lawmakers to maintain tax exemptions for Social Security benefits and other retirement income.

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