Tax Credits Cut

Oklahoma City, OK – Okla. House budget panel OKs axing 2 tax credits

OKLAHOMA CITY (AP) A House budget panel has approved the elimination of two investment tax credits that would save the state an estimated $23 million.

The approval of the bill Thursday by the House General Conference Committee on Appropriations paves the way for the moratorium on the income tax credits to be heard by the full House and Senate and sent to the governor.

Gov. Brad Henry proposed the elimination of the two tax credits in his executive budget. The first is an income tax credit for certain investments in rural business ventures. The second involves a tax credit for investments by qualified small business capital companies.

The same House budget panel rejected the bill last week over concerns it would scuttle a business deal in Atoka taking advantage of the credits.