Tax cut chop shop

Three consecutive state treasurers — incumbent Republican Ken Miller and his Democratic predecessors — put the Oklahoma College Savings Plan (OCSP) at the top of their agendas. Each touted the benefits of middle-class taxpayers setting aside money for their children’s higher education. A component of the plan is a state income tax deduction worth up to $2,000 a year to families. That deduction is on the chopping block as lawmakers shop for revenues to offset a reduction in or elimination of the state income tax. Miller says OCSP has set aside nearly a half billion dollars for college expenses over the past 12 years. Continuation of the OCSP deduction, Miller said this week, “proves not only commitment to the future of a child, but the future our state.” We agree. Among the targeted credits and deductions, this one’s at the top of our list for retention.

The Oklahoman Archives

 

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