Officials: Reopening businesses, virus aid could offset losses

OKLAHOMA CITY (AP) — State lawmakers say that federal relief aid and reopening Oklahoma businesses shuttered to slow down the spread of the new coronavirus could potentially offset the steep economic impact of the pandemic.

The Oklahoma Tax Commission projected earlier this month that the state is slated to have $1.366 billion less to spend in fiscal 2021 than it had the previous year.

The Journal Record reported on Thursday that lawmakers are optimistic that income tax receipts that have been down by 25% and sales taxes down by 12% should rebound as the state’s economy begins to reopen.