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The Oklahoma Senate on Thursday sent the House a bill that is aimed at wiping out a tax credit that benefited mainly the wealthy.
Senate Bill 1086, by Sen. Dave Rader, R-Tulsa, passed by a vote of 30-10. It heads to the House for consideration.
The measure would eliminate the capital gains tax credit, Rader said.
Oklahoma Policy Institute Executive Director David Blatt said the credit gave those who sold certain property or stock a tax break under certain conditions.
It has cost Oklahoma about $450 million but only generated $9 million in benefit to the state, Rader said.
“This is an extremely expensive tax break benefiting very few, mostly ultra-wealthy taxpayers,” Blatt said.
Rader said elimination of the tax credit would bring in about $120 million annually to the state.
“Not only has this incentive not been accessible to the mass majority, but it has been a detriment to the state,” Rader said.
Sen. James Leewright, R-Bristow, said he was concerned that repealing it would decrease investment in the state.
Sen. Stephanie Bice, R-Oklahoma City, said repealing the measure could increase money that goes to benefit education, health care or transportation.
Medical marijuana bill: Sen. Ervin Yen, R-Oklahoma City, was successful in reviving his medical marijuana bill that died earlier this week.
The measure, Senate Bill 1120, failed Monday to secure the 25 votes needed for passage, falling four votes short. Critics said they were concerned about pre-empting a June 26 vote on State Question 788 to legalize medical marijuana.
Yen’s bill set forth the conditions for which it can be prescribed.
The state question only lists that it needs to be administered under a doctor’s care.
After the measure failed Monday, Yen held it on a motion to reconsider the vote by which it failed.
On Thursday, it passed by a vote of 26-11. It heads to the House for consideration.

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