Appropriations and Budget subcommittee advances multiple tax and revenue bills; several laid over for further work

The Appropriations and Budget A & B finance subcommittee advanced several tax and revenue measures and laid over others during its meeting, voting to move multiple bills out of subcommittee for further consideration.

House Bill 1092, the Oklahoma Trade School Tuition Tax Credit, was presented as a three-year, $7,500-per-person credit intended to attract adult students into certified trade and infrastructure occupations. Vice Chair Eves, presenting the measure, said, “Once again, House Bill 10 92 is the Oklahoma Trade School Tuition Tax Credit. Everybody in this room understands Oklahoma faces issues as it pertains to workforce.” The measure passed the subcommittee on a 6-yes, 2-no vote.

The committee also advanced a slate of tax measures presented by Representative Maynard, including changes to the senior property tax-freeze calculation and a package of business-related tax bills. Representative Maynard described one item that “will move Oklahoma from a triple factor apportionment to a single factor apportionment model for corporate taxes,” explaining the change shifts apportionment to a sales-only factor rather than property, payroll and sales.

Representative Boles presented House Bill 1372, a three-year, 50% gross-production tax break aimed at encouraging private operators to remove wells from the state’s orphan and abandoned list and return them to production. Boles said the state currently has “18,000 wells that are on our orphan abandoned list” and noted the state faces “a $25,000 liability to plug” each well; the bill…