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Bill eliminating capital gains deduction stalled in House

Bill eliminating capital gains deduction stalled in House

NONDOC.com
By William W. Savage III, Editor in Chief
April 4, 2018  

A packed gallery full of teachers rose to its feet and chanted “Fund Our Schools” on Tuesday as the Oklahoma House of Representatives gaveled out of session. Educators had come to the Capitol for the second consecutive day to demand increased education funding, this time honing in on SB 1086, which would end the income tax deduction for capital gains payments.

“We had an independent auditor tell us that this was an upside-down incentive where we lose about $465 million in revenue over a four-year period,” Rep. Cory Williams (D-Stillwater) said Tuesday afternoon.”We got an additional $9 million of investment in the state because of it. It’s one of the incentives we have on the book to get rid of, and it’s one of the reasons we have the oversight commission and things like that. But you know, oversight’s only as good as your backbone.”

Williams was referring to the recommendations of PFM Group, a consultant hired by the Oklahoma Incentive Evaluation Commission to examine various economic incentives on a yearly basis. But after a lengthy debate among its members that referenced a lack of Oklahoma data for full analysis, the OIEC actually voted in November to reject the PFM Group recommendation and encourage the Legislature to retain the capital gains deduction for corporate and individual income tax returns... FULL ARTICLE

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