At last count, the Oklahoma tax code contained at least 480 exclusions, credits, deductions, deferrals and incentives and other special breaks. Many tax breaks are broad-based and enjoy considerable support among lawmakers, economists and tax authorities. But some are more suspect, such as “transferable” income tax credits that can be sold to other taxpayers who have nothing to do with the original intent of the incentives. “A lot of these credits are giveaways,” says House Revenue & Taxation Chairman David Dank, R-Oklahoma City. “We’ve got these high-powered lawyers who sit down here in these ivory towers and don’t do anything but think about how they can get into the public coffers.”

Oklahoma Watch: Tax Breaks Articles

  • Legislature approves gross production tax rate

    By Adam Wilmoth, Energy Editor | Updated: Thu, May 22, 2014

    The Oklahoma Legislature voted Thursday to set the state’s gross production tax rate for oil and natural gas wells at 2 percent for the first 36 months of production.

  • Gross production tax bill heads to Oklahoma House after panels' approval

    By Adam Wilmoth, Energy Editor | Published: Wed, May 21, 2014

    A bill that would set the gross production tax rate on oil and natural gas wells at 2 percent for the first 36 months of production is expected to reach the Oklahoma House of Representatives on Wednesday.

  • Oklahoma lawmakers propose compromise on horizontal drilling tax

    Updated: Mon, May 19, 2014

    Oil and natural gas wells drilled in Oklahoma would be taxed at 2 percent for the first 36 months of production as part of a compromise tax bill Oklahoma House and Senate leaders released Monday. After the initial period, the tax rate would rise to 7 percent.



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