Friday, February 09, 2018

House JCAB passes $620M in tax hikes, ready for floor vote

Yesterday afternoon, the House Joint Committee on Appropriations passed several tax-increasing measures in preparation for a likely floor vote on Monday. These bills were elements of the Step Up Oklahoma plan being pushed by the Governor.

HB1033XX: $581M in new taxes (~$243M in cigarette tax, ~$172M in fuel taxes, ~$133M in GPT increase, ~$20M in wind energy tax, ~$14M in cigars and smokeless tobacco)
HB1034XX: caps the coal tax credit at $5M per year
HB1035XX: caps the zero-emission (i.e. wind power) credit at $18M per year
HB1036XX: caps the railroad modernization credit at $2M per year
HB1031XX: expands gambling, may bring in $22M per year
HB1037XX: changes in standard deduction ($40M in new income tax collections). More on this here.

If you opposes raising taxes or expanding gamling, contact your legislator before Monday.

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