OKLAHOMA CITY (AP) - A new report says there are 460 tax exemptions in Oklahoma's tax code that cost the state billions of dollars each year.
The report by the state Tax Commission estimates the exemptions total $5.5 billion dollars. The commission says the real number is likely higher because dozens of exemptions are reported.
The report comes as the state faces having about $1.2 billion fewer dollars than last year and Governor Brad Henry proposing a one-year moratorium on a number of income tax credits. He also wants to repeal a rural small business capital investment credit.
The two plans combined would save the state about $82 million.
State Senator Tom Adelson also has a plan targeting tax breaks totaling $259 million for energy companies, manufacturing facilities, newspapers and investors.
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