January 28, 2018

Tulsa World: Legislative Action Preventing Federal Income Tax Change from Blowing a $375 Million Hole in State Budget

media mention

December’s federal income tax reform bill would have decreased Oklahoma’s state income tax revenue by $375 million had legislators not “decoupled” from the federal standard deduction last year, analysts say.

“Had we not decoupled, the state would have been bringing in $375 million less this year,” said David Blatt of the Oklahoma Policy Institute, citing the Institute on Taxation and Economic Policy.

That $375 million can be looked at two ways — as $375 million in revenue the state could have lost but didn’t, or as a $375 million tax cut Oklahomans won’t get. Read more