Governor Brad Henry delivered his Executive Budget for the upcoming year, FY ’10, on February 2, 2009. Despite declining state revenues, the Governor was able to present a balanced $7.084 billion budget without tax increases, across-the-board budget cuts, or use…
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Oklahoma has now joined the vast majority of states that are projecting shortfalls for the upcoming budget year. As Governor Henry prepares to deliver his FY ’10 Executive Budget for the opening of the 2009 legislative session next week, OK…
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In the fall of 2004 Oklahoma voters approved three controversial revenue-raising measures that offered the promise of increasing state funding for key public services: a state lottery (SQ 705 and SQ 706), gaming compacts (SQ 712), and tobacco tax increases…
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The EITC (Earned Income Tax Credit) is a refundable tax credit for working families that has been shown to reduce poverty, encourage work, and help local economies. Oklahoma’s state EITC, enacted in 2001, is set at 5% of the federal…
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In these difficult times, an increasing number of Oklahoma families are struggling every week to make ends up meet and keep food on the table. Oklahoma’s Sales Tax Relief Credit, also known as the grocery tax credit, is intended to…
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Federal policies have a major and far-ranging impact ont the fiscal situation of state government. Unfortunately, a whole set of federal polies are converging to worsen Oklahoma’s budget problems. This issue brief by OK Policy examines four broad examples of…
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This fact sheet explores the distribution of benefits from the two largest tax cuts enacted in Oklahoma between 2004 and 2006, based on analysis conducted for OK Policy by the Institute for Taxation and Economic Policy. Almost three-quarter of the…
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Individual income tax collections over the last two state budget years grew by less than 1 percent. This miniscule growth, at a time of a strong state economy, reflects the impact of tax cuts enacted between 2004 and 2006. Analysis…
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Legislation passed on the final day of the 2008 session provides for major additional funding for state transportation projects over the coming years. This fact sheet looks at how the state’s transportation budget is projected to grow from $400 million…
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The 2008 Legislature approved a “maintenance-of-effort” budget that provides a mere 0.7% increase in appropriations for FY ’09 compared to FY ’08. However, as agencies grapple with rising operating costs and unfunded benefit increases, flat funding may fall short of…
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