Work to alleviate the $1.3 billion state budget gap has surfaced out of the Senate Joint Committee on Appropriations and Budget on Thursday. It could lead to about $190 million for the state budget. The focus is on reforming various tax credits and incentive programs, as well as, generating new revenue.
Senator Clark Jolley is the Senate A&B Committee Chairman.
“The Senate has said all along that all responsible options are on the table. By approving these measures the Senate is showing its willingness to make tough decisions on reforming tax credits and incentives to help address the $1.3 billion shortfall,” said Jolley.
There are a total of seven measures passed out of committee. They would do everything from tightening the enforcement of use tax, better known as the Internet sales tax, to lowering the total amount of tax credits allowed in certain areas, to pushing remaining Cash Flow Reserve Fund money into the General Fund for appropriations.
“The goal isn’t to formulate a budget based on how much money we’d like to spend, as my Democratic colleagues lamented during the committee hearing. The goal is to know how much we have to spend and then adjust our spending priorities accordingly, like Oklahoma families and businesses do every day,” said Jolley. “Passing these reform measures will bring in revenue to the state that helps us close the $1.3 billion budget shortfall and fund priorities like education, public safety, and health care services like SoonerCare, rural hospitals, mental health, as well as child welfare services and the Pinnacle Plan.”
