Oklahoma Policy Institute: The tax shift rears its head
ITEP Work in Action
Last week the Oklahoma Senate Finance Committee approved SB 977, a bill that would suspend 23 tax credits for the next two years as a way to partially address the state’s massive budget shortfall. While the bill targets numerous credits, a large majority of the impact would come from ending three important tax credits for low- and moderate-income working families — Oklahoma’s Earned Income Tax Credit (EITC), Sales Tax Relief Credit, and Child Tax Credit/Child Care Tax Credit. The Senate Finance Committee has also approved SB 917 and SB 918, which would sunset the Earned Income Tax Credit and Sales Tax Relief Credit after 2017 if they are not reinstated by the Legislature.
Last week the Oklahoma Senate Finance Committee approved SB 977, a bill that would suspend 23 tax credits for the next two years as a way to partially address the state’s massive budget shortfall. While the bill targets numerous credits, a large majority of the impact would come from ending three important tax credits for low- and moderate-income working families — Oklahoma’s Earned Income Tax Credit (EITC), Sales Tax Relief Credit, and Child Tax Credit/Child Care Tax Credit. The Senate Finance Committee has also approved SB 917 and SB 918, which would sunset the Earned Income Tax Credit and Sales Tax Relief Credit after 2017 if they are not reinstated by the Legislature.