House subcommittee votes to bring back income tax triggers | Government and politics

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Income and sales taxes are by far the state’s biggest sources of revenue, but with $2.3 billion in reserves, rising revenue, billions more in federal aid in the works, and an election Ahead, the Republican-led Legislature has signaled an interest in cutting taxes on everything from groceries to oil wells, with a more limited appetite for increased spending.

Proposed tax reductions include key sales tax exemptions for groceries and automobiles as well as franchise tax for businesses.

In addition to HB 3635, the House Appropriations and Budget Committee on Revenue and Taxes also voted Monday to exempt all military retirement pensions from state income tax and restore a relatively minor tax incentive. for low production oil and gas wells. He also voted for a tax exemption of up to $3,000 a year for caregivers and a sales tax exemption for hearing aids.

Earlier, the House Higher Education and Career Tech Committee agreed to proposals allowing high school sophomores to take college credit courses and set up a fund to reimburse colleges and universities for some of the extra costs associated with the production. more nursing and engineering students.

Neither, however, provides money for these initiatives, and the author of both, R-Oklahoma City Majority Leader Jon Echols, said sophomores taking university courses should probably pay for them.


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