In The Know with Oklahoma Policy Institute: 3/30/2012

 

This is a weekly round-up of clips from In The Know, our daily synopsis of Oklahoma policy-related news and blogs.  Sign up here to receive In The Know by email.

Number of the Week

7,054

Number of farms in Oklahoma principally operated by Native Americans, 2nd most in the nation, 2007

Source: U.S. Census of Agriculture

Quote of the Week

“We’re threadbare right now. We just don’t have the extra money… And we can’t just pull some number out of the air and say it’s going to generate this much growth.”
Rep. David Dank, Chair of the House Revenue and Taxation Committee, who said a significant cut to the income tax is doubtful this session.

Chart of the Week

OKPolicy Note

Stand back, we don’t know how big these things may get

In the final days of the 2010 session, when legislative leaders were faced with historic revenue shortfalls and were desperate for ways to balance the budget, a deal was struck with representatives of the energy industry on oil and gas drilling incentives. The industry agreed to defer payment of credits on horizontal and deep well drilling for twenty-four months, until July 2012, and then to pay out over the next three years the credits that accrued during this period. In return, the legislature adopted several changes to how drilling is taxed that were sought by the industry. [click here to continue reading]

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