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The proposal was the first Senate bill filed ahead of the 2025 legislative session, which starts in February.
Though it's doubtful that the FY 2025 budget will contain a second tax cut, the FY 25 budget will fund state government for the next year and, in the process, hold back a few billion, just in case ...
The budget crisis of the 2011 Oklahoma state budget caused the Oklahoma State Treasurer's Office to estimate that the 2012 budget would see a $600 million budget shortfall. Following the December 2010 meeting of the Oklahoma State Board of Equalization, the Board certified that the 2012 budget would see a shortfall of $400 million from 2011 levels.
The tax rate would not be reduced if the state has a revenue failure or shortfall. ... Last year, lawmakers did agree to cut Oklahoma's 4.5% portion of the grocery tax, ...
The Budget of the State of Oklahoma is the governor's proposal to the Oklahoma Legislature which recommends funding levels to operate the state government for the next fiscal year, beginning July 1. Legislative decisions are governed by rules and legislation regarding the state budget process.
The Oklahoma State Budget for Fiscal Year 2015, is a spending request by Governor Mary Fallin to fund government operations for July 1, 2014 – June 30, 2015. Governor Fallin proposed the budget on February 3, 2014. This was Governor Fallin's fourth budget submitted as governor.
The Senate plan allocates $5.5 billion for education, $2.2 billion for health and social services and a cut in the state's portion of the grocery tax.
In February 2016 at the opening of the Oklahoma Legislature's session, Fallin proposed $200 million in increased taxes to deal with an anticipated budget shortfall of at least $900 million for fiscal year 2017, [64] which Fallin said was the largest budget hole in state history. [70]