Tax cuts

State lawmakers will be back in session Aug. 26 in an effort to head off ballot initiatives that worry the state's public finance industry.

Financial markets are trying to "absorb" the outcome of higher odds of Trump winning in November, said James Pruskowski, chief investment officer at 16Rock Asset Management.

Laws enacted in Arkansas and Kansas will reduce income tax revenue by hundreds of millions of dollars in fiscal 2025.

Along with tax cuts and school funding increases, lawmakers created passenger rail funding streams and paved the way for a historic hotel's bond-financed purchase.

The state House easily overrode the governor's veto of a bill aimed at lowering income, sales, and property taxes,but the Senate's attempt failed by one vote.

Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.

Gov. Spencer Cox wrapped up action on hundreds of bills passed by lawmakers, including measures to boost or limit bond issuance and potentially put some outstanding debt at risk.

The elimination of the 4.5% tax will cost the state about $400 million annually.

Oklahoma is on a roll, notching its third positive rating outlook since July with the latest move coming from Fitch Ratings.

The chamber is once again refusing Gov. Kevin Stitt's call to pass an income tax cut during a special session.