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Article: Corporate income tax drop slashes Oklahoma's budget
- Article from:
- THE JOURNAL RECORD
- Article date:
- February 20, 2008
- Author:
CopyrightCopyright 2008 THE JOURNAL RECORD. Provided by ProQuest LLC. (Hide copyright information)
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A sharp decline in corporate income tax collections accounts for
much of the budget shortfall this year. The corporate income tax
estimate for Fiscal Year 2009 is nearly 40 percent lower than the
estimate for FY 2008, a drop of more than $178 million.
In December, the state Board of Equalization estimated there
would be $7.06 billion available for lawmakers to spend during the
2008 legislative session for the fiscal year that begins July 1 and
ends in June 2009. On Tuesday, the Equalization Board revised its
certification for Fiscal Year 2009, finding lawmakers have $6.92
billion to spend this session - $146 million less than lawmakers
expected to have for this year and $113 million less ...