Oklahoma City, OK – Gov. Mary Fallin is desperately working to fill the states 1.5 billion deficit, and her latest plan is drawing huge criticism from the horse industry. Livestock is currently taxed at 8.357%, but horses are given a general exemption to the tax. Gov. Fallin’s plan includes eliminating the exemption.
The Governor’s office projects that eliminating the tax will raise between $1.3 and $1.4 million dollars in revenue every year, but horse industry insiders aren’t so sure. “his measure will generate $1.3 (million) to $1.4 million a year, but at the expense of an industry that creates $3.6 billion a year,” Oklahoma Quarter Horse Racing Association Executive Director Debbie Schauf told reporters. She went on to explain that places that breed and sell horses will be forced out of business and buyers will simply look elsewhere for horses that are not taxed.
Author: Dale Williams <-- Become my friend on Facebook! - Phone: 724-964-6773
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