Oklahoma Senate takes aim at capital gains deduction

OKLAHOMA CITY (AP) -- The Oklahoma Senate has approved a bill that would generate $120 million by ending a capital gains tax deduction for Oklahoma corporations and individuals.

The Senate voted 30-10 in a bipartisan vote for the bill , which now heads to the House.

The measure would get rid of a state income tax deduction of gains from the sale of Oklahoma-based property or company stock. The deduction also can be used by estates or trusts.

The Oklahoma Tax Commission estimates show the average for the last 10 years fluctuated, from a low of $47.5 million in 2009 to a high of $188.5 million in 2007.

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