Comment on Oklahoma governor signs bills to limit tax credits, enhance revenues

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Tue, 05/24/2016 - 6:57pm

Oklahoma governor signs bills to limit tax credits, enhance revenues

By Randy Ellis Staff Writer rellis@oklahoman.comOklahoma Gov. Mary Fallin signed 14 bills into law Tuesday, including several designed to limit tax credits or enhance revenues. Among the bills signed by the governor were: • Senate Bill 1579, which seeks to generate nearly $54 million by giving the Oklahoma Tax Commission $4.1 million in additional funding to enhance the agency's efforts to collect sales, use, income and gross production taxes through auditing and use of better technology. • Senate Bill 1606, which would generate $97.3 million by ending a so-called “double deduction” that allows some taxpayers who itemize to deduct state income taxes twice. • Senate Bill 1582, which would generate $14 million by placing a $25 million annual cap on the total amount of statewide credits manufacturers will be allowed for capital investment or new jobs for tax years 2016 through 2018.

 

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