OKLAHOMA CITY (AP) - The Oklahoma Senate has approved a bill that would generate $120 million by ending a capital gains tax deduction for Oklahoma corporations and individuals.
The Senate voted 30-10 in a bipartisan vote for the bill , which now heads to the House.
The measure would get rid of a state income tax deduction of gains from the sale of Oklahoma-based property or company stock. The deduction also can be used by estates or trusts.
The Oklahoma Tax Commission estimates show the average for the last 10 years fluctuated, from a low of $47.5 million in 2009 to a high of $188.5 million in 2007.
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