Post by pavel on Feb 1, 2016 15:22:49 GMT -6
Gov. Mary Fallin looks to sales, use and cigarette taxes to help plug state budget hole
OKLAHOMA CITY — Gov. Mary Fallin on Monday proposed a $200 million-a-year expansion of the state sales and use tax and raising the tax on cigarettes in an effort to deal with the state’s huge budget hole.
Fallin addressed a joint legislative session assembled in the House chamber on the first day of the second session of the 55th Legislature.
Lawmakers expect to have at least $900.8 million less to spend in crafting the fiscal year 2017 budget. Officials have also declared a revenue failure for the current fiscal year, requiring agencies to cut budgets.
The services sector is the fastest-growing segment of the U.S. economy, but the state’s tax code does not reflect that, Fallin said in prepared remarks released before her speech.
Read more: www.tulsaworld.com/news/government/gov-mary-fallin-delivers-state-of-the-state-address-to/article_d03c6c47-7bc0-5b0f-985e-17fc4aef59f4.html
OKLAHOMA CITY — Gov. Mary Fallin on Monday proposed a $200 million-a-year expansion of the state sales and use tax and raising the tax on cigarettes in an effort to deal with the state’s huge budget hole.
Fallin addressed a joint legislative session assembled in the House chamber on the first day of the second session of the 55th Legislature.
Lawmakers expect to have at least $900.8 million less to spend in crafting the fiscal year 2017 budget. Officials have also declared a revenue failure for the current fiscal year, requiring agencies to cut budgets.
The services sector is the fastest-growing segment of the U.S. economy, but the state’s tax code does not reflect that, Fallin said in prepared remarks released before her speech.
Read more: www.tulsaworld.com/news/government/gov-mary-fallin-delivers-state-of-the-state-address-to/article_d03c6c47-7bc0-5b0f-985e-17fc4aef59f4.html