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Posted: Feb 09, 2016 3:32 PMUpdated: Feb 09, 2016 3:35 PM

Proposed Senate Bill Would Eliminate Low Income Tax Credits

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Diane Coston

A senate bill that would create a two year moratorium on tax credits mainly used by poor and working poor families was considered by the Senate Finance Committee on Tuesday. There are a total of 23 tax credits in the 100 page Senate Bill 977. Senator Mike Mazzei of Tulsa authored the Bill that would suspend the state earned income tax credit, low income sales tax relief and the state child care tax credit.

There are at least three areas of business incentives in the bill; historic preservation, investment and new jobs credit and a tax credit for aerospace engineering. Locally, Senator John Ford is a member of the Senate Finance Committee and voted Yes on Tuesday to pass as amended. To see the bill in full, click on this link http://www.oklegislature.gov/BillInfo.aspx?Bill=SB977


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