Articles
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Budget & Tax
Total state revenue collections hit record high
Total gross receipts collected in April 2019 were $1.58 billion—an increase of 12.7 percent, or $178 million, from the same month in the prior year. The General Revenue Fund (GRF) grew 25.5 percent from the same month the previous year, collecting $509 million.Curtis Shelton | May 20, 2019
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Budget & Tax, Education
Stitt, legislative leaders announce budget agreement
Gov. Kevin Stitt and legislative leaders announced Wednesday that they have reached a budget agreement that spends more than $8 billion for the first time in Oklahoma history and includes $157.7 million more for K-12 schools, but they struggled to identify any specific measurement of student outcomes they expect will improve as a result.Ray Carter | May 15, 2019
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Budget & Tax, Health Care
Lawmakers vow to ‘keep fighting’ for tobacco-fund reform
On April 19, Oklahoma received $69.7 million in tobacco-settlement funds of which $53.3 million went to TSET.Ray Carter | May 15, 2019
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Budget & Tax
Budget impasse discussed in dueling press conferences
Gov. Kevin Stitt and House leaders announced they are at an impasse with Senate leaders in budget negotiations, but highlighted only a handful of concrete differences during a Monday press conference.Ray Carter | May 13, 2019
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Budget & Tax, Education
PLAC supports Democrats’ education budget
The Oklahoma Parent Legislative Action Committee (PLAC) has endorsed a Democratic budget plan. The proposal put forth by the House Democrats not only spends the entirety of this year’s $570 million surplus, but would increase total spending by more than $800 million. To fill the financial gap, Democrats would raise taxes on income and investment.Ray Carter | May 9, 2019
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Budget & Tax
Economic growth, tax hikes produce record-high state revenue
Some tax consumers may try to point to the tax increases as the main driver for the recent record-high revenue collections, but the data suggests otherwise.Curtis Shelton | May 9, 2019
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Budget & Tax
Never enough: Despite record revenues, agencies want even more
No matter the circumstances, government will always want more.Curtis Shelton | May 6, 2019
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Budget & Tax
Stitt committed to state savings effort
In 2016, state lawmakers voted to create a Revenue Stabilization Fund that would hold any oil-and-gas tax collections that exceed a rolling five-year average. It’s possible the savings fund could receive a deposit of as much as $400 million next year. But Gov. Kevin Stitt says some lawmakers already want to reduce and redirect those savings.Ray Carter | April 29, 2019
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Budget & Tax
Workers' comp success helps Oklahoma move up in economic ranking
The American Legislative Exchange Council recently released its annual publication on state competitiveness, Rich States, Poor States.Curtis Shelton | April 24, 2019
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Budget & Tax
Economists differ on Oklahoma’s budget future
Despite approval of roughly $1 billion in tax increases over the last three years, a new report claims Oklahoma will face “persistent” shortfalls that reach more than $1 billion by 2030 and “draconian cuts” to state services will occur unless lawmakers approve additional large tax increases. But some economic experts say policymakers should view such claims with caution.Ray Carter | April 22, 2019