TAX NEWS - JUNE 2010

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Oklahoma Tax: Bill to suspend dozens of tax credits among 61 measures signed into law by Oklahoma governor

A bill that suspends more than two dozen tax credits for two years to help plug a $1.2 billion hole in the state budget has been signed into law by Oklahoma Gov. Brad Henry.

The bill was one of 61 House and Senate measures signed into law Monday by Henry.

Senate Bill 1267, which places a two-year moratorium on several tax credits offered by the state, is expected to generate about $25 million for the state next year.

After the bill passed, lawmakers agreed to remove some industries from the two-year suspension and instead allow those tax credit payments from the state to be deferred for two years.

The deferred tax credits include those for the restoring of historical buildings, certain job creation and the generation of wind power.
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