HB 2372 is the $1.50 per pack cigarette tax that funnels 50 percent to the Health Care Authority Enhancement Fund; 23 percent to the Mental Health and Substance Abuse Services Enhancement Fund; 14.5 percent to the Human Services Enhancement Fund; 5.4 percent to the Oklahoma State University Medical Authority Enhancement Fund; and 2.7 percent to the Health Department Enhancement Fund. This generates $215 million dollars in new taxes.
HB 2387 creates new state debt, $45 million dollars in bonds, for the Office of Juvenile affairs. Many millions of dollars will be paid out in bond sale fees and high interest rates, mainly to people that borrowed long term at a few percent interest and turn around and quadruple that in a safe investment to the state. You and I won’t be offered these bonds as investments, only the most connected.
HB 2389 creates new state debt, $58.5 million dollars in bonds for a new Oklahoma State Department of Health building. Many millions of dollars will be paid out in bond sale fees and high interest rates, mainly to people that borrowed long term at a few percent interest and turn around and quadruple that in a safe investment to the state. You and I won’t be offered these bonds as investments, only the most connected.
HB 2403 set a new limit on itemized deductions, limiting deductions from taxable income to $1,700 per year for tax years 2017, 2018, and 2019. If you have more deductions for medical bills, interest, or other legal deductions you simply cannot use them. Only charitable donations are excluded.
Now with the Trump tax cuts cutting our federal taxes our Oklahoma taxes will rise.
HB 2414 was log rolling bill, multiple legislation rolled into one bill so that a legislator has to vote yes or no on all regardless if one of the laws isn’t good for the state. There was a $1.50 per pack on cigarettes that would have taken $215,000.000 from the citizens each year, a $12,000,000 gasoline tax increase at a rate of six cents per gallon, and a Gross Production Tax increase by reducing the reduced 2% tax rate for new wells from 36 months to 18 months.
HB 2433 Removes the sales tax exemption on vehicle sales but keeps in place the existing excise taxes on those same vehicles. This is a 38% tax increase on purchasing a new or used vehicle. This will strip another $124 million dollars out of taxpayer’s pockets in 2018 and every year afterward.
SB 120 extends the time that three aerospace tax credits can be claimed. The three tax credit schemes allow employers to get a 50% tax credit off tuition costs they pay to employees for four years, a $12,500.00 tax credit for wages paid to employees at the rate of 10% for state graduates and 5% for out of state graduates, and a five year long $5000.00 tax credit for employees. All this for jobs that would have come to Oklahoma anyway to be near Tinker. These tax credits are set to expire next year but this measure extends them till 2026.
SB 170 removes income tax rate reduction formulas that automatically reduce the income tax rate if state tax revenue hits a certain level.
SB 786 Another soft on crime bill that reduces the penalty for first, second, and third degree burglary. It removes a two year minimum sentence and also requires that someone be present in the building before a burglary is a first degree burglary crime. The idea is to lessen the number of inmates in prison.