State tax exemptions, deductions, and credits cost Oklahoma a total of $5.9 billion in revenue each year, according to a report released last week by the Oklahoma Tax Commission.
The commission’s October tax expenditure report said the cost of 166 of the 473 expenditures rose $471 million since the 2008 report.
Expenditures are defined by the commission as legislatively enacted measures that result in revenue that is not collected.
The number of expenditures increased by 28 from the last report.
The largest expenditures include $1.7 billion from the sale tax exemption for manufacturers and $1.5 billion from the sales tax exemption on goods purchased for resale.
Itemized and standard state income tax deductions total $733.1 million.
