“Oklahoma’s Unemployment Rate Falls in April”
Oklahoma’s unemployment rate fell to 5 percent in April, according to new data from the Bureau of Labor Statistics.
- Source: Tulsaworld
- Via: Tulsa World
How Lawmakers Plan to Pay for the Income Tax Cut
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Republican lawmakers and Gov. Mary Fallin have agreed on a plan to cut Oklahoma’s individual income tax rate.
The agreement would cut the top personal rate to 4.8 percent from 5.25 percent next year, includes an additional tax cut tied to a revenue growth trigger in 2015, and simplifies the tax code by reducing the number of tax brackets to three from seven.
House and Senate Democrats decried the effort as premature, but legislators will likely approve the plan, House Speaker Kris Steele, R-Shawnee, and Senate President Pro Tem Brian Bingman, R-Sapulpa, told The Oklahoman.
Here’s how they plan to pay for it:
Budget Briefing: Lawmakers Agree on Income Tax Cuts
Your end-of-the-week budget news roundup:
State Income Tax Deal Reached – “Gov. Mary Falin and top lawmakers announced a state income tax deal Thursday night that sets the stage for the end of the legislative session. The state’s top income tax rate will fall to 4.8 percent the next two years and reduce the number of tax brackets to three. ‘We have reached agreement on a deal I think will be very good for the state of Oklahoma,’ Fallin said. Future tax cuts will be tied to triggers. If state revenues rise sufficiently, the top tax rate will drop to 4.5 percent in 2015.’” Tulsa World
Bond Issue to Pay for American Indian Cultural Center Won’t Pass Oklahoma Senate, Two Senators Say – “Enough votes are in hand to kill a measure that authorizes a $40 million bond issue to help pay for the completion of the American Indian Cultural Center and Museum in Oklahoma City, two Republican senators said Thursday.” NewsOK.com
Profits Up for 2011 at Oklahoma City’s Remington Park Racetrack, Casino – “The Oklahoma Horse Racing Commission on Thursday authorized the operator of Remington Park to distribute $6.5 million in profits for 2011 to Global Gaming Solutions LLC, a wholly owned subsidiary of the Chickasaw Nation. That’s an increase of more than $4 million over the previous year’s profit distribution of $2,486,023.” NewsOK.com
Postal Centers in Muskogee and Tulsa Will be Closed
Chip Somodevilla / Getty Images
Post Master General and U.S. Postal Service CEO Patrick Donahoe
A U.S. Postal Service processing plant in Tulsa and a sorting center in Muskogee are among more than 200 sites slated for closure, the USPS announced today.
The Tulsa facility employs about 600 and is among 89 such locations scheduled to close in 2014, the Tulsa World reports. Muskogee’s sorting center is among 140 others that will be shuttered sometime before early 2013.
Most of the Tulsa jobs are expected to be eliminated or shifted to Oklahoma City, reports the World’s Randy Krehbiel.
Aggressiveness and Infrastructure Drove Boeing Jobs from Wichita to OKC
Larry W. Smith / Getty Images
A worker sands the top of a plane at Boeing’s plant in Wichita, Kan.
Oklahoma City is on track to take more than 800 jobs from Wichita, and folks in Kansas are asking questions.
Why would Boeing sever historic ties and move its C-130 Hercules and B-1 Lancer programs to OKC?
From Wichita Eagle reporter Molly McMillin’s industry postmortem:
Oklahoma City’s facility has a good track record, performs well and has space available, Michael Emmelhainz, Boeing’s site leader for Oklahoma City told the paper. And costs are lower.
“Pickens Shuns Chesapeake Stock For First Time Since 2008″
Texas oil billionaire and long-time natural gas booster T. Boone Pickens has sold almost half a million Chesapeake shares in the last six weeks. Pickens has been buying shares of Devon, however.
Keystone XL Pipeline Could Raise Gas Prices, Experts Say
Apple Apple / Flickr
Oklahoma, as we’ve reported, both benefits and suffers from an uneven crude oil market.
The price of West Texas Intermediate — priced at Cushing — is depressed, which is bad for the region’s producers and state revenue coffers. But low crude prices might be a good thing for drivers in Oklahoma and the mid-continent, who fill up with cheaper gasoline than the rest of the country.
Producers are betting big on new pipelines to relieve a glut in Cushing and raise the price of West Texas Intermediate.
So could new pipelines efforts like Keystone XL and Seaway raise the price of gasoline? Producers say, ‘No,’ refiners say, ‘Maybe’ — and as our partners in Texas report: It’s possible.
Daunting Employment Barriers Await Oklahoma Felons After Prison
Joe Wertz / StateImpact Oklahoma
Released after 23 years in prison, Michael Howell-El faced steep fines, fees and housing issues before he could start his job search.
More than 8 percent of Oklahomans have a felony background. Finding a job is key to breaking the cycle of crime and poverty, researchers and corrections official say. And a felony conviction often means inescapable employment obstacles.
Budget Briefing: Income Tax Cut Announcement Coming Today, Officials Say
In the news this morning:
Oklahoma Personal Income Tax-Cut Announcement Expected Thursday – “Closed-door negotiations to lower the state’s personal income tax rate continued Wednesday evening between legislative leaders and the governor’s staff. An agreement ideally would have to be reached by Friday to get legislation filed and acted on before lawmakers are required to adjourn by 5 p.m. May 25. Setting an income tax rate and agreeing on how to make up for the lost revenue are key factors in adopting a budget for the 2013 fiscal year, which starts July 1.” NewsOK.com
Group of 30 State Leaders Oppose “Tax Trigger Mechanisms” – “The letter bore the names of some of Oklahoma’s best-known citizens, including conservative-leaning businessmen like Tom Ward (Sandridge Energy, Oklahoma City) and Larry Mocha (a Tulsa manufacturer), and philanthropists George Kaiser and Stacy Schusterman, both of Tulsa. ” CapitolBeatOK
News Expected on Fate of Postal Service Centers – “Postal workers and local officials hope for good news Thursday, when an announcement is expected concerning the fate of about 250 U.S. Postal Service processing and distribution centers, including Tulsa’s.” Tulsa World
“Shareholders Want to Postpone Chesapeake Meeting”
A group of shareholders wants a federal judge to delay Chesapeake Energy’s June 8 annual meeting until they have a complete accounting of CEO Aubrey McClendon’s financial transactions.
- Source: Newsok
- Via: NewsOK.com
