Millions in tax breaks, incentives targeted by Senate panel

OKLAHOMA CITY (AP) – Hundreds of millions of dollars of state tax breaks would be reduced or delayed under bills approved by a Senate committee, including a second potential reduction in Oklahoma’s income tax.

Most of the bills passed Tuesday by the Senate Finance Committee likely will be part of broader budget negotiations. But their passage suggests a willingness in the Republican-controlled Senate to find ways to close a roughly $1 billion hole in the budget for the coming fiscal year.

The bills now go to the full Senate.

A bill by committee chairman, Republican Sen. Mike Mazzei, would suspend nearly two dozen tax credits for two years while the state struggles with an economic downturn due largely to falling oil prices. Mazzei’s bill is fiercely opposed by business and industry leaders.