Oklahoma - House panel approves elimination of death tax

KTEN.com

OKLAHOMA CITY A legislative panel votes today to repeal Oklahoma's estate tax despite concerns it will reduce state revenue by more than 87 (M) million dollars a year.

The House Revenue and Taxation Committee agreed to send the measure to the full House for a vote.

Committee chairman Kevin Calvey says the so-called death tax discriminates against farmers and family-owned businesses.

Critics have said the heirs of farmers and businessmen are often forced to sell property willed to them because they cannot afford to pay the estate tax.

Calvey says the state is receiving more than enough extra revenue from economic growth to pay for the proposal's fiscal impact.

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