Newspaper article THE JOURNAL RECORD

House Committee Approves Measure Providing $500 Tax Credit on Tuition

Newspaper article THE JOURNAL RECORD

House Committee Approves Measure Providing $500 Tax Credit on Tuition

Article excerpt

A bill passed by the House Revenue and Taxation Committee would give college students a $500 tax credit on their tuition, but would cost the state about $48 million in income tax revenue in its current form.

House Bill 1729, by Rep. Kenneth Corn, D-Howe, would apply to courses taken at any Oklahoma college or university, public or private.

Corn said he wants to establish a program that would help students whose income places them just out of reach for traditional financial aid. He told committee members that the final version of his bill should cost considerably less than $48 million.

House Bill 1958, by Rep. Ron Kirby, D-Lawton, would further reduce car tag fees.

Last August, voters cut tag fees to $85 for the first four years of registration, to $75 the fifth through eighth years, $55 for years nine through 12, $35 for the 13th through 16th years and $15 thereafter. The Kirby bill would cut license costs again -- to $45 for the first through fourth years of registration, $30 for years five through 12 and $15 thereafter.

As it came to the committee, it would have increased the motor vehicle excise tax rate from 3.25 percent to 4.5 percent. It would levy the tax, however, only on the actual sales price of a car less any discounts, credits or allowances.

This portion of the bill was amended by Corn to restore the 3.25 percent tax rate.

Kirby said that before the amendment the bill would cut tag costs considerably, but that its overall impact would be close to revenue- neutral, costing the state between $3 million and $3.5 million.

Terming the measure a work in progress, Kirby said last August's law has caused some problems for some car buyers and owners of some vehicles such as mopeds and scooters.

He said it will hold harmless schools, counties and other recipients of vehicle tax revenues.

House Bill 1875, by Rep. Dale W. Wells, D-Cushing, would provide a 30 percent income tax credit for acquisition or development of single-family housing in communities with less than 25,000 in population, outside of metropolitan statistical areas.

Wells said the bill would require an investment of at least $1 million.

House Bill 1919, by Rep. Debbie Blackburn, D-Oklahoma City, is also aimed at housing. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.