Tax Foundation
National Press Building
529 14th Street, NW
Suite 420
Washington, DC 20045-1000
202.464.6200
December 27, 2008
State Budgets: Oklahoma Emphasizes Spending Cuts
by Joseph Henchman
Oklahoma's State Treasurer recently estimated that state revenue is already $250 million short half-way through this year's $7.1 billion budget, and could be as much as $310 million for the next fiscal year's $6.76 billion budget. (The Board of Equalization certifies the budget to the Legislature in Oklahoma.) Part of the loss ($104 million) is from a modest income tax reduction taking effect on January 1 (although further reductions in 2010 may not happen), but the biggest drop is the $154 million reduction in gross production taxes on natural gas. The Treasurer and Gov. Brad Henry (D) said that the state will resist calls to dip into Oklahoma's $600 million Rainy Day Fund, and Henry has said he will oppose raises but also oppose furloughs or layoffs.
More on Oklahoma here.
The Tax Policy Blog is the official weblog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.
Monthly Archives
Disclaimer: All views expressed on the Tax Foundation’s Tax Policy Blog are those of the individual authors, and do not necessarily represent the views of the Tax Foundation, its Board of Directors, or its financial contributors. The Tax Foundation makes no representation concerning the views expressed, and does not guarantee the source, originality, accuracy, completeness or reliability of any statement, information, data, finding, interpretation, advice, opinion, or view presented.