A lawsuit by an out-of-state company that challenges a tax break on capital gains for Oklahoma-based businesses is causing some concern at the state Capitol.
An analysis on the potential costs of a tax reimbursement show Oklahoma could be on the hook for as much as $480 million if the court rules in favor of tax payers.
Republican State Rep. Jeff Hickman raised the issue during questions on a tax cut bill approved by the House last week. But budget negotiators said any repercussions of the capital gains issue should be worked out apart from the state budget.
The Republican leaders at the State Capitol gathered in the Blue Room Tuesday to announce what they’re calling major agreements on several key proposals before lawmakers this session.
Gov. Mary Fallin, Senate President Pro Tem Brian Bingman (R-Sapulpa) and House Speaker T.W. Shannon (R-Lawton) each took turns describing the plan to cut state income taxes, change the workers’ compensation system and repair the State Capitol.
A state environmental group says Oklahoma lawmakers are wasting their time focusing on legislation intended to feed an extremist agenda. The Oklahoma Chapter of the Sierra Club specifically targeted a bill by Rep. Sally Kern, R-Oklahoma City dealing with an international takeover of Oklahoma the environmental organization says doesn’t exist.