taxes

A Tax Increase?
7:18 pm
Tue July 29, 2014

Supreme Court Referee Hears Challenge On Taxes For Oil and Gas Drilling

Retired Oklahoma City attorney Jerry Fent.
Credit Brent Fuchs/Journal Record

Earlier today, a State Supreme Court referee heard a lawsuit over a recently signed bill that was written to lower taxes for oil and gas drilling. The outcome of the constitutional challenge could go well beyond Oklahoma’s oil field.

Oklahoma City attorney and legislative watchdog Jerry Fent filed the lawsuit in June.

He argues the oil and gas tax bill is invalid because the Legislature ignored extra procedural burdens voters in the ‘90s placed on “revenue bills.” 

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Taxes
7:16 am
Thu May 15, 2014

House Passes Tax Measure For Oklahoma Military Bases

Logawi Wikimedia Commons

A measure that would allow private businesses to charge sales tax on military installations narrowly received approval Wednesday from the House.

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State Capitol
1:27 pm
Wed April 23, 2014

State Income Tax Cuts Headed To Governor Fallin's Desk

Credit 401(K) 2013 / Flickr Creative Commons

Legislation that would trim Oklahoma's personal income tax rate when state revenue increases has been approved by the state House.

House members voted 54-40 for the Senate-passed measure that is one of Republican Gov. Mary Fallin's top goals for the 2014 Legislature. It now goes to Fallin to be signed into law.

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Taxes
9:54 am
Thu March 27, 2014

Oklahoma Franchise Tax Could Continue Despite Chamber Objections

Credit 201(k) 2013 / Flickr.com

A bill that would have eliminated the franchise tax on Oklahoma businesses has been gutted and replaced with new language dealing with reporting dates for corporate tax returns.

The new version of the bill was approved on Wednesday by the House Appropriations and Budget Committee.

House author Rep. Earl Sears told members he had no plans to resurrect the plan to abolish the state's franchise tax, a $1.25 levy on every $1,000 a corporation invests in Oklahoma.

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Oklahoma Tornado Project
7:30 am
Mon February 24, 2014

Taxing Times For Oklahoma Tornado Survivors

Oklahoma Insurance Commissioner John Doak speaks at a tax forum for tornado survivors.
Credit Kate Carlton

While many view tax season as a nuisance, it can be especially frustrating for people struggling to rebound from disasters, like the deadly tornadoes that swept through the state last May.  

Some residents of central Oklahoma lost homes, cars and old tax documents, so they’re confused and unsure how to proceed, and that’s left many tornado alley taxpayers with lots of questions. 

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Doerflinger Says To Tighten Belts
6:25 pm
Mon October 14, 2013

State Tax Collections Down Compared To Same Time Last Year

Preston Doerflinger
Credit Oklahoma PCA / Flickr Creative Commons

The state's top finance official is warning state agency directors to prepare for potentially flat budgets next year after a report that collections to the state's General Revenue Fund this quarter are trailing those from the same three months last year.

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May 2013 Tornado Outbreak
12:31 pm
Fri September 13, 2013

Moore Tax Receipts Up As City Continues Recovery

Loading supplies for disaster relief - May 23, 2013
Credit Kerry Rodtnick / University of Arkansas System Division of Agriculture

Leaders in Moore say tornado recovery efforts have caused sales tax collections to skyrocket in the city.

The Norman Transcript reports that Moore received more than $2.6 million in total sales tax from the Oklahoma Tax Commission in September. That includes general fund receipts, which are up more than 12 percent from last year.

City Manager Stephen Eddy calls the numbers "amazing" and says rebuilding efforts from the May 20 tornado are likely responsible.

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Taxes
1:13 pm
Sun July 7, 2013

Tax Commission Wants High Court To Overturn Ruling

Credit 401(K) 2013 / Flickr Creative Commons

The Oklahoma Tax Commission says the state could lose as much as $450 million if a court ruling about a capital-gains tax deduction stands.

The Tulsa World reports the Tax Commission this week asked the Oklahoma Supreme Court to overturn a lower court ruling or prevent the ruling from being applied retroactively.

In January, the Court of Civil Appeals said a state law was unconstitutional. That law treats capital gains tax deductions of Oklahoma-based companies differently from those of out-of-state companies.

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10:28 am
Sat May 4, 2013

Bloomberg: Kaiser Charity Exploits Loophole

Lead in text: 
An analysis of the 2011 tax return of the George Kaiser Family Foundation shows how some types of charities take advantage of federal tax law to support for-profit ventures.
When Oklahoma energy billionaire George Kaiser opened the Northeast Gateway liquid natural gas terminal in 2008, the floating depot's first delivery was shipped on the Excellence, a 909-foot supertanker that holds 138,000 cubic meters of LNG -- enough gas to meet more than 4 percent of daily U.S. demand.
6:32 pm
Tue April 23, 2013

Fees Attacked By Legislature, But Is It Smart To Cut Off Another Revenue Source?

Lead in text: 
House Speaker T.W. Shannon (R-Lawton) says the moratorium is necessary because Oklahoma has raised fees by more than $100 million since 2007. During the recession, it was the easiest way Oklahoma had to raise revenues to fill budget gaps. Increasing taxes in Oklahoma requires a three-fourths supermajority in both houses of the legislature, or a vote of the people.
It's already nearly impossible to raise taxes in Oklahoma. Now, the legislature is poised to ban raising fees for drivers' licenses, state parks and other state services, too. A bill placing a moratorium on fee increases through 2016 has passed both houses of the state legislature.