Oklahoma tax-cut options top half billion dollars
Sunday, March 13th 2005, 2:40 pm
By: News On 6
OKLAHOMA CITY (AP) _ More than a half billion dollars in tax-cut plans have been voted out of a state House committee, even though leaders have agreed on a $163-million ceiling on reductions this year.
Legislators say the tax-cut bills would leave huge holes in state budgets for the next couple of years if they were all enacted at once.
Governor Brad Henry proposed $163-million in tax cuts in his State of the State speech in February.
Henry says lawmakers have a relatively tight budget to work with, because of commitments on teacher pay and other areas. But he says tax cuts can be made this year because of an increase in excess revenues that flow to the state's Rainy Day fund.