OKLAHOMA CITY (AP) — Oklahoma House leaders plan to extend an existing moratorium for two years on dozens of state tax credits and require stricter legislative oversight before any new tax credits are granted.
House Speaker Kris Steele and other GOP House leaders discussed details of the plan Thursday that is expected to save the state an estimated $250 million to $300 million annually.
Prompted in part by recent budget shortfalls, legislative leaders have been studying ways to eliminate a hodgepodge of state tax credits provided to a variety of industries that cost the state hundreds of millions of dollars each year.
Under the plan announced Wednesday, about three dozen tax credits will be placed on a two-year moratorium. Lawmakers will then study each of those credits and determine if they should be renewed.