Oklahoma Legislators Detail Plan To Crackdown On Tax Credit Abuse

Legislators unveiled a plan Thursday to reform the tax credit system, hoping to address what they call sweetheart deals that cost Oklahoma taxpayers millions of dollars.

House Republicans plan to introduce four bills and a constitutional amendment that would require all tax credits to be pre-approved by the legislature.

No credits would be transferable. They would all be audited by the state auditor. Each proposed tax credit would have to prove its worthiness with a report showing the fiscal impact it would have on the state budget.

All tax credits would be capped and have termination dates, and finally no tax credits would be allowed to be pushed through in the last five days of any legislative session.

Representative David Dank led a legislative task force that has studied these issues over the last year. He says these reforms will protect taxpayer dollars and will ensure that all tax credits will actually benefit the state.