House Democrats Endorse Plan To Slash Tax Credits

Associated Press

OKLAHOMA CITY -- House Democrats are endorsing a plan to slash several tax credits to help ease Oklahoma's estimated $1.2 billion budget shortfall.

Democrats on Tuesday proposed a reduction in several tax credits, including corporate investments in rural companies and venture capital.

House Democrats also want to target income tax credits for investments and increased employment.

Democratic Governor Brad Henry also has proposed eliminating or suspending certain tax credits as a way to generate revenue and prevent deep cuts to state agencies.

Leaders in the Republican-controlled House and Senate say they're open to considering cuts in tax credits. Henry and GOP leaders have yet to reach an agreement on next year's budget.