Legislation to Restore Earned Income Tax Credit in OK to be File - KSWO 7News | Breaking News, Weather and Sports

Legislation to Restore Earned Income Tax Credit in OK to be Filed

(Source KSWO) (Source KSWO)

OKLAHOMA CITY, OK (KSWO)– Legislation that would restore the earned income tax credit to its previous levels will be filed soon.

Approved in 2015, Senate Bill 1604 slashed tax credit benefits for low-income working families by nearly 75%. The bill was intended to help close a $1.3 billion state budget gap by increasing state income tax by $29 million.

“[SB 1604] penalizes some of Oklahoma’s neediest citizens by withholding funds they desperately need to buy milk and food for their families. Balancing the state budget on the backs of our state’s poorest citizens is unconscionable. Only working parents and a few working singles can claim the credit,” said Collin Walke, D-Oklahoma City.

The credit is designed to encourage work by supplementing earned income of lower-wage jobs. Annually, 334,000 Oklahoma families claim the tax credit.

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