The Oklahoma Incentive Evaluation Commission met for the first time this week to review more than $1.7 billion in annual tax credits, rebates and incentives. The Commission was an effort by the late Rep. David Dank through House Bill 2182. When he passed last year, House Speaker Jeff Hickman took over the effort to create the commission to review the efficacy of tax credits.
“Rep. Dank was a near and dear friend of mine, and he dedicated his years of service in the House to trying to bring the issue of potentially wasteful tax giveaways to the forefront at the state Capitol,” said Hickman. “This has been a long time in the making, so I am very pleased that the Commission is established and starting the hard work of examining these incentives and possibly saving hundreds of millions of taxpayer dollars that could be given back to citizens or redirected toward other priorities.”
The Commission will review each incentive once every four years. It will begin reviewing the costliest incentives first. After compiling data and reviewing with outside experts, the Commission will send its report to lawmakers so they can act.
“We certainly believe that many tax credits and incentives are beneficial to our state and provide a boost to our economy, but we simply have not had good data and information to help us determine which incentives are doing what they are designed to do and which ones cost the state more than they generate,” said Hickman. “That will no longer be an obstacle. We expect to have good, solid data which will assist the Legislature in making important decisions about how we spend taxpayer dollars in the future.”
