Oklahoma lawmakers have moved forward on proposed revenue increases that would plug one-tenth of the state's estimated $1.3 billion shortfall in next year's budget.
Two joint committees passed bills intended to alleviate next year's budget situation by eliminating $97.3 million in state income tax deductions, cutting $29 million in tax credits and raising $15 million by issuing new license plates. The measures now head to the House and Senate floors for final consideration.
Oklahomans would no longer be able to benefit from itemized deductions on their state tax returns if they also claimed them on federal returns, under the largest proposal. The second-largest proposal would eliminate the refundable aspect of the Oklahoma Earned Income Tax Credit.
The proposals would total about $141 million of new revenue in next year's budget.