A closer look: The proposed state budget
In her executive summary for the 2018 budget, Fallin said it was designed to address the problem of recurring shortfalls and reliance on one-time funds, including the state's
The budget directs, or in some cases redirects,
She said her intent is "to begin reversing the detrimental trend of diverting revenues off-the-top for specific purposes."
Fallin has repeatedly blamed recent budget shortfalls on off-the-top allocations that she says leave less than half of every dollar collected by the state available for appropriation by the legislature.
Her budget proposes new or increased taxes and fees she says will diversify revenue streams going into the state's general fund.
Fallin calls for "sales tax modernization" or expanding the tax base by collecting state sales tax on a variety of services that aren't currently taxed. The governor says it's necessary because of a shift from manufacturing and sale of goods to a service-based economy.
A list of services not currently taxed in
Fallin also proposes eliminating sales tax on groceries, which she projects will decrease state sales tax revenues by
Cities and counties would still be able to collect sales tax on groceries.
Corporate income tax would also be eliminated, decreasing revenues by
She plans to restructure funding for the
All revenue from increasing gasoline and diesel tax to
Increasing the current
Fallin also proposes accelerating the end of wind generation and zero emissions tax credits and beginning to tax the sale of electric power produced by wind.
She identifies a portion of fees, fines and other revenues from non-appropriated agencies as another source of revenue for the general fund. Non-appropriated agencies include boards, commissions and retirement funds.
The specific agencies affected were not listed in the budget summary.
The fee for reinstating a suspended corporation and the excise tax paid when registering commercial trucks would both increase tenfold, going from
The budget includes
The governor also proposes nearly
Twitter: @mcharlesNP
___
(c)2017 the Stillwater NewsPress (Stillwater, Okla.)
Visit the Stillwater NewsPress (Stillwater, Okla.) at www.stillwater-newspress.com
Distributed by Tribune Content Agency, LLC.


Ohio Man Pleads Guilty In $70M Ponzi Scheme
Long-term care facilities must prepare for worst
Advisor News
- Are families ready for the costs of aging at home?
- When a client moves, their insurance plan needs to move, too
- A rising retirement challenge: The license to spend
- Financial stress leaves less room for retirement saving
- Giving while you’re living: 3 frequently asked questions about gifting
More Advisor NewsAnnuity News
- Global Atlantic names Dan Farrelly head of IMO and IBD channels
- A rising retirement challenge: The license to spend
- What lower interest rates mean to annuity payouts
- AM Best downgrades A-Cap insurers amid financial and regulatory troubles
- Lawsuit claims Delaware Life hid billions in insurer-linked investments
More Annuity NewsHealth/Employee Benefits News
Life Insurance News