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Today In The News
Legislative Committees To Take Up ‘Step Up Oklahoma’ Plan: State lawmakers are expected to pass a series of bills in committee Thursday, that would raise taxes and give teachers $5,000 annual pay raises. There are bills to increase taxes on wind energy and coal production. Income taxes will be impacted by another bill, and yet another bill will raise the taxes on tobacco. That was a sticking point in last year’s budget negotiations [News9]. State worker pay raise would help Step Up chances, group says [NewsOK]. Sooner Poll shows Step Up Oklahoma support, wind tax omitted [NonDoc]. Step Up Oklahoma plan adds to the consensus that new revenues are essential [OK Policy].
Business-Backed Plan to Increase Taxes Gets Broad OK From Oil Groups After Expanding Discount: After getting concessions, a group of small independent oil and gas producers is now endorsing a suite of tax increases and government reforms written by a group of business leaders known as the Step Up Oklahoma plan. The plan calls for a 4 percent tax for the first three years of production. At first, many vertical well producers opposed this idea and backed State Question 795, which would ask voters to end all discounts and restore the standard 7 percent rate [StateImpact Oklahoma].
Step Up coalition’s new tax credit is a poor substitute for restoring the EITC: Just a few weeks ago, the Step Up Oklahoma coalition announced their plan for a variety of tax increases and reforms to resolve some of Oklahoma’s long-standing budget problems. Since then, the proposal has attracted support from a broad range of groups representing different parts of Oklahoma’s private and public sectors, and House leaders have promised that they will vote quickly on the package [OK Policy].
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