One of the last acts by the Oklahoma Legislature before it adjourned last week was the creation of a 10-member panel that will study state tax exemptions and exclusions and determine those that are no longer useful.

According to the Oklahoma Tax Commission, the state has almost 500 wide-ranging exclusions, credits, deductions, deferrals, and incentives, ranging from the deduction for federal income-tax payments to a sales tax exemption for railroad spikes.

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