Income tax is a necessary revenue source for Oklahoma’s fiscal health. Reducing or eliminating income taxes provides almost no relief for the segment of Oklahoma’s population who needs it most: low- and middle-class taxpayers. In fact, the elimination of income…
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The Board of Equalization on Friday certified an $8.273 billion estimate in General Revenue collections for the Legislature to appropriate in Fiscal Year 2026. This is a decrease of $311 million, or about 3.6 percent, from last year’s February estimate, which sets the maximum amount the Legislature can appropriate for the upcoming fiscal year.
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Statement from Aanahita Ervin, OK Policy’s Fiscal Policy Analyst:
The Board of Equalization on Friday certified an $8.225 billion estimate of funds for the governor’s Fiscal Year 2026 budget proposal. Given this is an early estimate, lawmakers should not view…
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OK Policy’s Fiscal Policy Analyst Aanahita Ervin spoke with lawmakers about how modernizing the state’s Sales Tax Relief Credit can benefit low- and moderate-income families. Ervin spoke during an Oct. 23, 2024, interim study in the Oklahoma House focused on…
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OK Policy’s Fiscal Policy Analyst Aanahita Ervin spoke with lawmakers about the state’s Sales Tax Relief Credit, which provides targeted fiscal relief to low- and moderate-income families. The Sales Tax Relief Credit has been on the books since 1990, but…
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Targeted tax credits can be used as a tool to fight poverty in Oklahoma. The tax system is a critical part of the safety net with more than a third of all public support for U.S. families delivered through tax provisions. Hence, tax credits can drastically decrease poverty.
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In nominal dollars, this year's Oklahoma budget is the largest in state history. However, in real dollar value, it has lost a lot of its buying power when adjusted for inflation and population growth.
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Oklahoma can opt in to Direct File for the 2025 tax season, which would offer taxpayers free and easy filing by integrating our state online tax filing tool.
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