Business and Economy
6:18 pm
Wed April 10, 2013

Lawmakers Approve New Tax Credits

OKLAHOMA CITY (AP) - While Republican legislators in Oklahoma continue wrangling over how to scale back costly tax credits, lawmakers have approved three new tax breaks for tickets to sporting events, construction of affordable homes and the purchase of helicopters.

All three bills were approved Wednesday by the House Appropriations and Budget Committee, including one for the purchase of helicopters that narrowly failed in the same committee just last week. Altus Republican Rep. Charles Ortega says the tax credit is designed to show state support for a helicopter training facility opening in southwest Oklahoma, even though he acknowledged the facility already is planning to open without the credit.

A fiscal analysis of the proposed tax credit shows it will cost the state about $1 million in the upcoming fiscal year.